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Europe today
A failure of
political vision
LI uU U\l
16
Miller and Molson
A cross-border
experiment
PtkflOl2
Los Angeles
The legacy of
the riots
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FINANCIAL TIM
Saturday's Weekend FT
? Science: saviour or
tool of the devil?
UN changes tack
on evacuations
from Srebrenica
General Philippe Morillon, commander of United
Nations forc« in Bosnia, made a new attempt
to DreaK the humanitarian impasse in Srebrenica,
by trying to station Canadian UN troops there.
In Brussels, meanwhile, the approval by Nato
ambassadors of final plans for using alliance
fighters to enforce the UN no-fiy zone over Bosnia,
hit a last-minute snag as a result of French con-
cerns about the rules of engagement. In Sarajevo
snipers killed four civilians trying to cross the
airport runway after Bosnian commanders foiled
to sign a safe passage deal reached with their
Serb adversaries. Page 16
Clinton to unveil detailed budget: The
US administration publishes its full budget today,
fleshing out the basic economic package put for- ’
ward by President BiD Clinton in February. Page 16
UK to review N Ireland options: The UK
government is to draw up its own proposals for
a devolved government in Northern Ireland in
an attempt to re-start political talks in the province.
John Major, the prime minister, announced.
N Sea oil exploration warning: North Sea
oil operators are preparing; to warn the UK govern-
ment that they will cut oil exploration severely
if changes to Petroleum Revenue Tax proposed
in the recent Budget become law. Page 16
Japan Industry sees 2.4% growtfujapan’s
Economic Planning Agency said a survey of leading
industrial companies found that most expect
Japan’s economy to grow by about 2.4 per cent
this fiscal year - well below the official government
forecast of 3.3 per cent. Page 4
Italy’s bank chief hints at recovery
Carlo Azelgio Ciampi
(left), governor of the
Bank of Italy, joined
a growing consensus
that Italy’s economy
was showing modest
signs of recovery. Mr
Ciampi insisted the
weakness of the lira,
which has touched
LI, 000 against the
D-Mark and depressed
prices in die bond market, was the result of politi-
cal uncertainties more than economic fundamen-
tals. Page 3
Bank off France may cut' rates: French
franc money market rates continued to fall sharply
amid expectations that the Bank of France might
cut its official Interest rates today. Page 3
Virgin to double Beat; Virgin Atlantic Airways,
the UK long-haul airline, is to double the size
of its fleet by leasing four new Airbus A340-300
and four Boeing 747-400 aircraft from International
Lease Financing Corp. Page 4
IIS stock options disclosure proposal:
US companies will have to disclose the value
of options granted to executives and deduct them
from profits under an accounting rule change
proposed by the Financial Accounting Standards
Board, a private sector group which sets standards
for the accounting industry. Page 17
ICL profits halved: ICL, the UK-based computer
company in which Fujitsu of Japan has a majority
stake, saw profits before tax almost halved last
year due to harsh market conditions. Page 17;
Lex. Page 16
Audi and Porsche collaborations Audi,
the Volkswagen group’s quality car subsidiary,
will launch a model developed and built with
sports -specialist Porsche in September. Page 17
Kalian car market tumbles: Italy is to
complain to the European Commission about
surging Japanese car exports, after sales figures
for March showed a sharp rise in Japanese registra-
tions against a steeply falling market Page 4
Swissair said it was leading negotiations with
three other medium-sized European airlines -
KLM, SAS and Austrian Airlines - which could
result in their merger. Page 17
LA braced for more trouble: Los Angeles
is preparing for renewed violence as the second
trial of four police officers involved in the beating
of Rodney King, a black motorist, draws to a
close. Page 4
Russian minister's early Tokyo visit:
Russian foreign minister Andrei Kozyrev plans
talks with Japanese leaders next week on the
eve of a meeting of the Group of Seven leading
industrial nations on increasing aid to Moscow.
Japan’s answer to Russia’s problems. Page 2
■ STOCK MARKET fNDfCeS
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Dangers of Stalin’s secret nuclear city
Leila Boulton was recently allowed to visit Tomsk, the site of Tuesday’s nuclear accident
RUSSIA
AwrCUJ
IRON GATES, rows of barbed
wire, searchlights and armed
guards separate Tomsk-7, Stalin’s
secret nuclear city in western
Siberia, from the outside world.
This is the site of a radioactive
explosion on Tuesday night
which has heightened tears over
the once-pampered defence plants
of the former Soviet Union which
are still involved in the produc-
tion of nuclear weapons.
The International Atomic
Energy Agency in Vienna yester-
day put the Tomsk accident at
Level Three on the International
Nuclear Events Scale. That
means “a serious incident with
on-site contamination but no
effects off-site." Chernobyl was a
Level Seven disaster.
On a recent visit there the
Financial Times was allowed to
see only the prim administrative
and residential centre, with solid,
pastel-colour Stalin era houses,
surrounded by beautiful Siberian
forest.
But Professor Alexei Yablokov,
President Boris Yeltsin's adviser
on ecology and health, said his
wife, herself a journalist, bad
seen "rusting locks and leaking
roofs” at nuclear-related facilities
there.
Tbe incident at the Tomsk-7
chemical plant was the first at
tbe heart of Russia's secretive
defence industry to be openly
and promptly acknowledged.
Tomsk-7, which was established
by Stalin to develop a nuclear
bomb, is today a town of 110,000
people which produces plutonium
and enriched uranium for
nuclear weapons.
Mr Gennady Khandorin, direc-
tor of the chemical plant, said the
reasons for a build-up of pressure
which destroyed a container of
radioactive material were still
unknown. He said his staff were
fine and that only a stretch of
road outside the plant had suf-
fered from "very small, local con-
tamination.”
The incident was none the less
the worst In the former Soviet
Union since the Chernobyl disas-
ter of 1986.
Tomsk-7's two reactors which
produce nuclear fuel from which
uranium and plutonium are
derived, plus the chemical works
where components for nuclear
weapons are developed, can be
visited only with special permis-
sion.
Moscow is proposing to make
Tomsk-7 tbe site of a national
repository for plutonium from
nuclear weapons dismantled
under arms reduction treaties,
and the US Congress has pledged
5400m to fund such a facility. The
incident is likely to put this plan
into question.
The Russian authorities' main
problem has been finding a loca-
tion for the repository in the face
Tomsk
Novosfoirsfc.
c‘ '.raver Tom
Kemerovo
„ . A o
^ 'JO
km 65 ;
of opposition from potential host
communities. But despite Tomsk-
7’s desire to open up to the out-
Continued on Page 16
Top Fiat
executive
faces
corruption
warrant
By Robert Graham in Rome and
John Griffiths h London
FIAT, Italy's largest private
company, was yesterday dragged
deeper into the country's spread-
ing corruption scandals when a
cautionary warrant was issued
by Milan magistrates against Mr
Giorgio Garuzzo, Fiat’s chief
operating officer.
The warrant for alleged cor-
ruption relates to the activities
of Iveco, Fiat’s commercial
vehicle subsidiary, and allega-
tions of kick-backs on a Milan
municipal bus contract.
Mr Garuzzo, number three in
Fiat hierarchy after Mr Giovanni
Agnelli, the chairman, and Mr
Cesare Romiti, chief executive
officer, last night told the Finan-
cial Times that the magistrates’
action could be “very damaging
to the Fiat Group in general and
in particular Iveco, as our busi-
ness is world-wide".
Speaking from an undisclosed
address in London last night, Mr
Garuzzo said he had been “most
surprised” to hear about the
warrant. “I can only think that,
as has happened to a number of
people recently, the Italian
investigating authorities prefer
to hear from persons after they
have been arrested. "Only last
Thursday [April 1L and again
the following day. I specifically
asked through my lawyer to be
interviewed by the PnbUc Prose-
cutor on aspects I could assist in
of their investigation into the
affairs of Iveco.
“I was told they were not
interested, even though by Tues-
day they had my request, in
writing, to be heard."
Mr Garuzzo is the fifth Fiat
executive executive to be caught
□p In tbe corruption investiga-
tions.
The legal moves against him
means that the two key members
of the younger generation of
senior Fiat management, pro-
moted in a shake-up to prepare
for the departure next year of Mr
Agnelli, have been implicated in
the corruption scandals.
The other executive, Mr Fran-
cesco Paolo Mattioli, Fiat’s chief
financial officer, was arrested in
February on charges of alleged
corruption and illicit financing
of political parties. He was
released from custody last week
but the charges were not
dropped.
They relate to LL.8bn (Sl-lm)
paid by Cogefar-Impresit, Rat’s
construction subsidiary, during
the construction of the Milan
metro, Last November Fiat man-
agement was split into two broad
divisions under the overall com-
mand of Mr Romiti.
Mr Garuzzo, who has been
with Fiat since 1976 and ran
Iveco in 1984, assumed responsi-
bility for Fiat’s industrial
operations, while Mr Mattioli
looked after the financial side of
the business.
Mr Garuzzo, aged 54, was seen
within Fiat as the most likely
successor to Mr RomitL He is
understood to have been in Lon-
don on business for the past two
or three days, would not com-
ment on whether he would be
returning immediately to Italy.
Wellcome attacks
‘misleading9 Aids
trial as shares fall
By Paul Abrahams and Clive
Cookson, in London
A ROW erupted yesterday
between the Medical Research
Council and Wellcome, the manu-
facturer of AZT, the Aids treat-
ment, after the company attacked
the council's decision to publish
preliminary data about the medi-
cine's effectiveness.
Mr John Robb, Wellcome's
chief executive, said preliminary
data from a trial published by tbe
MRC last week were “mislead-
ing'*. He attacked the publication
cf the information in the medical
journal Tbe Lancet before it bad
been reviewed by other leading
specialists.
Yesterday’s attempt to reassure
the market, which included brief-
ings for city analysts, journalists
and Aids activists, appeared to
backfire as Wellcome’s shares fell
23p to 698p.
Since last Friday’s announce-
ment of the Anglo-French Con-
corde trial, which claimed that
ATT, Wellcome's second best-sell-
ing drug, did not delay the onset
of Aids in asymptomatic HIV-pos-
itive patients, the share price has
fallen by 8 per cent
The MRC helped organise tbe
trials. Wellcome told analysts
and Aids pressure groups yester-
day that further analysis from
the trial would show AZT was
effective. There was no question
that the drug helped patients
who developed Aids, it added.
AZT had sales of £131 m in the six
months to February 1993.
The company's claims about
the Concorde trial were refuted
by Professor Ian Weller, its prin-
cipal UK investigator, who said
Wellcome was manipulating the
data.
Professor Richard Peto, adviser
to the Concorde study's clinical
trials unit, added: “People should
look at the numbers as presented
by the investigators, not as pres-
ented by drug companies. If they
do that, then it's clear these
treatments are not of nearly as
much value os originally hoped."
Dr Trevor Jones, Wellcome's
director of research and develop-
ment, insisted AZT was effective
in slowing the onset of Aids. He
said there were five studies other
than the Concorde trial involving
more than 3,000 patients - some
lasting 2'/* years - that demon-
strated that death occurred half
as often in asymptomatic
patients using AZT.
“For the MRC to suggest AZT
does not work on the basis of one
study and then with only a few
weeks of analysis - well I don't
know why they’re doing it," he
said.
Dr Paul Fiddian, head of clini-
cal virology at Wellcome,
stressed the Concorde study's
data was preliminary and not
easy to read. Some trial patients
on non-active dummy medicines
had swapped during the middle
of the trial, he said.
Analysis had also been compli-
cated because some patients bad
rightly been given a new treat-
ment that prevented a pneumo-
nia that was the most common
cause of death in Aids patients.
Dr Jones called on the MRC to
publish the full analysis as soon
as possible.
Mr Nick Partridge, chief execu-
tive of the Terrence Higgins
Trust, the leading UK Aids char-
ity, took tbe MRC's side in the
developing dispute with Well-
ccrae. He pointed out that the
company had been very closely
involved in the design and man-
agement of the Concorde triaL
“It seems disingenuous for
Wellcome now to criticise the
design and data analysis of a trial
in which they were integrally
involved," Mr Partridge said. “We
already knew AZT was limited in
its effects and this trial has clari-
fied those limitations."
Medical authorities in the US
have been more supportive of
AZT than in Europe. Mr Mark
Alampi, chief operations officer
of Project Aids International, in
Los Angeles, said the National
Institute of Health “has been on
a continuous campaign since last
Friday telling people with HIV
not to stop taking AZT”.
W’; ■ ;x' .
French foreign minister Alain Jnppd leaves the Elysfe Palace after
yesterday's weekly cabinet meeting. Earlier he reiterated tbe new
French government’s determination to renegotiate aspects of the
agricultural trade agreement between the EC and the US
BMW to assemble
cars in Vietnam
from next year
By David Walter in Frankfurt
and Victor Mallet in Bangkok
BMW, the German luxury car
maker, plans to assemble cars in
Vietnam from next year in a ven-
ture signalling the increased pace
of the country's economic
change.
The company has signed an
agreement to set up a sales, parts
and service network in Vietnam,
and intends to assemble up to 200
cars a year.
Although the initial number of
units is modest, Mr Bernd Wie-
gand. managing director for
BMW Asia, said the decision was
“strategic" and reflected the com-
pany's confidence in the develop-
ment of Vietnam and the avail-
ability of qualified labour.
Manufacturing will be confined
to the 316i and the 5201 models, to
he built from kits shipped from
Germany. Some parts will be
manufactured locally.
The venture is important in
Vietnam's quest for foreign
investment, backed by radical
economic reforms as the country
moves away from central plan-
ning and state control towards a
market economy but hampered
by a US embargo on doing busi-
ness with the communist country
and by poor infrastructure due to
lack of funds.
CONTENTS
Many foreign manufacturers
are, however, attracted by a
cheap and enthusiastic labour
force and by the opportunities
Vietnam is likely to present
when the US ban, dating back to
the Vietnam war, is fully lifted
and funding from international
financial institutions begins to
flow.
The motor industry in Vietnam
is in its infancy and the road
network is badly in need of
upgrading and repair. However,
many Vietnamese have substan-
tial savings in cash which could
be used to buy vehicles as the
economy grows and the infra-
structure improves.
The agreement is with Vietnam
Motors Corporation, a 510m joint
venture 70 per cent owned by
Columbian Motors of the Philip-
pines - which assembles Japa-
nese and South Korean cars in
the Philippines - and 30 per rent
by Hoa Binh, a state-owned bus
manufacturer based in at Hanoi,
northern Vietnam.
BMW has similar assembly
agreements in Thailand, Uru-
guay, Malaysia and Indonesia,
but it exports its cars directly to
115 other countries.
Mitsubishi to expand in
SE Asia. Page 4
Audi links with Porsche, Page 17
.18
EmpeanNews.
.2J
,4
American Nbws -—6
Wartd Trade News B
UK News-- 8.10
People 12
Wertiar ,18
Accountancy Ccfcxm 30 CamtnodMs.
-40 FT Actuaries -
-32 Money Mates .
40
_aa
IK
ML Gap MO -
ML Compotes .
FT Wcrtt Actuaries -■«
Foreign Exchanges —40
.24-28 GoldMarfMb 32
— 22 Equity Options 22
mt BonflSefvta — 22
Maiagal Fends awG
.18-21
Recenl baud —22
Sham Momudon -34,35,44
Trarfontf Option^..- 22
London SE 33
HUSMSouses 41-W
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Tlv 5
PEACE AND WAR: A Serb shepherd woman watches over her flock during a lull in fighting but is forced to carry a gun while military, as well as political, manoeuvres continue in former Yugoslavia
Bosnia peace plan in serious trouble
The Vance-Owen proposal is the only show in town, but it may soon close, writes Robert Mauthner
THE Bosnian peace plan
drawn up by Mr Cyrus
Vance and Lord Owen is
now in serious trouble, in spite
of the absence of a viable alter-
native to end the conflict,
according to a growing number
of diplomatic observers.
The original strategy of the
mediators, to isolate the Bos-
nian Serbs so that the full
weight of international pres-
sure could be focused on them
to sign the peace agreement,
has not, so far, had the desired
results.
The fact that the Bosnian
Moslems recently joined the
Croats in endorsing the Vance-
Owen plan has (tone little or
nothing to persuade the Serbs
to follow suit. Though their
leader, Mr Radovan Karadzic,
claims the Serbs are able to
accept 80 per cent of
its provisions, the plan
has effectively been rejected by
the self-styled Bosnian
Serb parliament
What the Bosnian Serbs
want is modifications to the
Vance-Owen map of the 10
semf-a u tonoxnous provinces
into which Bosnia would be
divided, which would not only
give them more territory than
the 43 per cent assigned to
them, but ensure that some ot
it adjoins Serbia proper.
That is not only unaccept-
able to the Moslems, but the
two mediators, who have done
their best to ensure that Bos-
nia-Hercegovina win remain an
independent state and that the
Bosnian Serbs will not be
given the opportunity to join
up with the “motherland."
The most discouraging
aspect is that President Slobo-
dan Milosevic of Serbia, looked
upon by Mr Vance and Lord
Owen and most of the interna-
tional community as the man
who holds the key to the Bos-
nian cnnflirt, has given only
rare signs of putting his hill
weight behind the efforts to
make Mr Karadzic sign.
The last time he really
twisted Mr Karadzic’s arm was
at the end of January this year,
when he forced him to sign the
constitutional framework for
Bosnia-Hercegovina, one of the
four sections into which the
peace plan is divided.
President Milosevic's most
recent contribution to the
peace process was when he
pushed the Bosnian Serbs into
agreeing to a ceasefire with the
other warring parties, which Is
now 10 days old and has held
in most areas except around
Srebrenica In eastern Bosnia.
Mr Milosevic, however, does
not seem to be ready to go the
last mile. On the contrary, he
is doing Us best to sow dissen-
sion in the ranks of the west-
ern members of the United
Nations Security Council by
embarrassingly heaping praise
on the US for its misgivings
about the Vance-Owen plan
and its alleged desire not to
play “the world policeman.”
That there are disagreements
between the western allies, not
to mention Russia, on how to
handle the Bosnian crisis, has
long been an open secret
The Clinton administration
from the very beginning made
it plain that it did not think
the Vance-Owen plan was
either fair to the Moslems or
that it offered a solution which
could be implpmgntpH in prac-
tice.
At the same time, the US
has all along made it
clear it does not intend
to act on its own in Bosnia and
wants to coordinate its poli-
cies with its UN Security Coun-
cil partners. It thus reluctantly
gave its support to the Vance-
Owen peace process, strongly
supported by both the 10-na-
tion European Community and
Renewed fighting feared between
Moslems and Croats in the west
Russia, and is struggling to
find an acceptable compromise
on what further sanctions to
take against Serbia.
In deference to President
Baris Yeltsin's domestic politi-
cal difficulties. Mr Clinton is
reported to have agreed to
postpone a Security Council
vote on tighter sanctions
against Serbia, a traditional
Russian ally and protege, until
after the planned Russian ref-
erendum on April 25.
Washington has also been
obliged to rein in its enthusi-
asm for the selective lifting of
the UN embargo on arms deliv-
eries to the rump Yugoslavia,
to help the Moslems. This is a
measure that is strongly
opposed not only by Russia,
but by Britain and Prance,
which fear that it would both
intensify the war in Bosnia
and increase the vulnerability
of their troops on the ground
under UN command.
Boattlai lfsprqpn»fng
In the words of Mr Douglas
Hurd, the British foreign sec-
retary, lifting the embargo on
arms deliveries to the Moslems
is more likely to create “a level
killing field” than contributing
to the level playing field in
Bosnia talked about by the
Americans.
The US, no more than
Britain, France or Russia, is
yet prepared to contemplate
“direct military intervention”
in the Bosnian conflict, which
would be tantamount to send-
ing vast numbers of troops to
wage war against the Bosnian
Serbs for an indefinite period.
If however, the VancoOwen
process does not very soon
demonstrate that a diplomatic
solution is still on the cards,
the calls for tougher military
action are bound to Increase,
as they already have done fol-
lowing the humanitarian disas-
ter in Srebrenica.
By Laura Sifter in Mostar
COMMANDERS of the
Moslem-led Bosnian army fear
the eruption of renewed
clashes with Croat forces in
spite of pledges by both sides
to support an international
peace plan for Bos ala- Hercego-
vina.
Bosnian commander Kiuno
Esad said this week that the
fractured alliance would break
down completely after the dec-
laration last weekend of the
Croatian Defence Council
(HVO). the military wing of
Bosnia’s Croatian Democratic
Union, the sister of the ruling
party of Croatia.
The HVQ set an April 15
deadline for Moslem forces to
withdraw from provinces des-
ignated to Croat control under
the peace plan of Mr Cyrus
Vance and Lord Owen, United
Nations mediators.
“We are ready to fight if we
must. But it will be a danger-
ous political game for Croats to
play now,” said Cmdr Esad,
who believes the HVO state-
ment makes renewed clashes
inevitable in central Bosnia.
The HVO declaration means
they want Cmdr Esad and his
men to withdraw from Mostar,
even though it is their home
town.
“They may try to assert con-
trol in the smaller towns
rather than risk fighting in
Mostar,” be said of Bosnia's
second-biggest city which over
the last year of war has shrunk
to some 30,000 people, many
Moslem refugees from Serb
and Croat-held territory.
Some 50,000 fled the once pic-
turesque southern city on the
banks of the River Neretva,
leader, Mostar is one of three
provinces which would be des-
ignated to Croat control. Bos-
nian Serb leader Radovan
Karadzic at the weekend
rejected the plan to divide Bos-
nia into 10 ethnic provinces
despite threats of stepped-up
sanctions.
Mr Bohan, like Mr Karadzic,
his Serbian counterpart, last
year declared his own national
mini-state of Herceg-Bosna.
“The HVO wants to unite
‘Serbs are kicking down the front
door and Croats are sneaking in
the back,’ said a Moslem soldier
where Moslems comprised 41
per cent, Croats 39 per cent
and Serbs under 20 per cent
Western diplomats believe
renewed fighting between Mos-
lem and Croat forces could
deal a death blow to the Vance-
Owen plan. “We will find out
in the next few days," said a
diplomat this week
Under the international
peace plan, endorsed by Mr
Alija Izetbegovic, Bosnia’s Mos-
lem President, and Mr Mate
Boban, the Croat nationalist
with Croatia. They have the
same uniforms, badges and
symbols. Every day there is
more proof of what they are
doing here,” says Cmdr Esad.
The red-and-white checker-
board Croatian symbol is
emblazoned on flags and num-
ber plates throughout Mostar
except in the ruined centre,
where the blue and yellow
fleur-de-iys marks Bosnian gov-
ernment control. The Croatian
dinar is the most-used local
currency. The HVO has added
influence over the Bosnian
forces because they control
five of tire power stations on
the River Neretva.
Cmdr Esad, the second in
command in Mostar, says the
Croats have constantly blocked
the delivery of weapons to the
mostly Moslem Bosnian forces
and emergency relief to Mos-
lem refugees.
“The regular Croatian Army
takes 50 per cent The HVO
then takes another 50 per cent
- leaving us with next to noth-
ing," he said bitterly. The
stormy alliance collapsed but
in January was patched up
under a ceasefire brokered by
Mr Vance and Lord Owen.
Despite the truce, the out-
gunned Moslems are gloomy
about the prospects for peace
with the Croats and the Serbs.
“Serbs are kicking down the
front door and the Croats
sneaking in the baric." said a
Bosnian soldier.
Some western diplomats fear
that the failure of the interna-
tional community to stop the
bloodshed in Bosnia has
emboldened Serb and Croat
nationalists to make their land
grab in Bosnia. “The Croat and
Serb share a common con-
tempt for Moslems and plan to
SHT831A
carve up Bosnia-Hercegovina,*1
says one.
Mr Jadranko Prlic, acting
prime minister of the
self-styled Croat state, claims
“Moslems expected too much
of Croats”, smallest of Bosnia’s
three main ethnic -groups.
“Who can expect Croats, who
make up just 17 per cent of the
population, can deliver a free
Bosnia-Hercegovina to the
Moslems?” he asks.
Serb forces from the sur-
rounding hills last year bom-
barded the now blackened
town in which most buildings
in the old Turkish centre have
been razed. Bosnian forces,
backed by Croat troops, drove
Serb fighters out in June.
“In a tew days there will be a
war between the HVO and the
Bosnian army,” said an electri-
cian, a Croat who, fearing
reprisal, spoke on condition of
anonymity. Like many, he
described the war in Bosnia as
a rural-urban conflict
“I am going to fight with the
Bosnian army. Ibis is my city
and I have nowhere rise to go.
The Croats want to rule Mos-
tar, but they have the villages
in the hills,” he said.
Industrial
rescuers
proposed
for Russia
By David DodwoU
and Anthony Robinson
JAPAN is to suggest sanding
teams of industrial “ trouble-
shooters” to transform, selected
fanner Soviet enterprises into
model factories. Tokyo will
raise this idea when it hosts a
meeting of trade and mdustiy
ministers from east and west
this month-
The troubleshooters would
be at the heart of a five-point
action programme to include
enterprise reform, conversion
of defence industries, trade
promotion, encouragement of
foreign investment, and tech-
nology transfer, said Mr Kumo
Moriyaki. director-general of
file Japanese ministry of inter-
national trade and industry's
international trade policy
bureau, in London yesterday.
He is preparing a summit in
Tokyo on April 24-25 of trade,
industry and economy minis-
ters from the Group of Seven
industrial countries and eight
east European and former
Soviet states, together with
multilateral lending agencies.
This gathering is to follow the
pi Bating next week of G7 for-
eign and finance ministers,
also in Tokyo, and will focus
on “micro-level aspects” of the
problems faced by the former
Soviet states in transition to
market economies.
He fears that without a dear
strategy for tackling grassroots
economic problems, macro-
level aid packages tike the
$I0bn-$20bn one expected to be
approved by G7 ministers in
Tokyo next week might
achieve little.
“Without a dear cut micro-
level approach, pouring money
into the region will not ensure
successful enhancement of eco-
nomic benefit,” Mr Moriyaki
said.
The Japanese will propose
that troubleshooting teams
from western companies and
consultants work in selected
enterprises for several months.
They would help to establish
comprehensive corporate strat-
egies, identify equipment and
skill needs, instil higher stan-
dards of cost-consciousness
and efficiency, and pinpoint
the factory's most marketable
and exportable products.
Robert Thomson adds from
Tokyo: Mr Kabun Muto,
Japan’s newly appointed for-
eign minister, said yesterday
that as G7 summit host next
week he would work for a
fresh package of aid for Russia.
However, Tokyo would con-
tinue to link help for Russian
reforms to the dispute over the
Kurile Islands.
UN to admit
Macedonia
By Kotin Hope In Athena
THE UN Security Council
yesterday ended weeks of argu-
ment over Macedonia’s applica-
tion for UN membership,
agreeing without a vote to rec-
ommend admission. The Gen-
eral Assembly is due to
approve a formal resolution
today. The new member will be
known as the Former Yugoslav
Republic Of Macpdonia
Mr Cyrus Vance and Lord
Owen, the UN and EC media-
tors, wfll fry to resolve con-
tinuing differences between
Greece and the new member.
EC opens
postal
services
inquiry
By Andrew HU in Brussels
SEVEN European postal
services, including the British
PUst Office came under pres-
sure from the European Com-
mission yesterday to improve
the fairness and transparency
of their charges, following
complaints that they are sti-
fling competition from private
operators.
Brussels said it had opened a
formal inquiry into allegations
that national postal services in
Germany. Belgium. France,
Finland, Sweden, Switzerland
and Britain are deliberately
hampering the “remailing” of
bulk mail by private couriers.
The announcement comes
only a month before EC tele-
communications ministers are
to discuss the outcome of con-
sultations on the Commission's
outline plan for further liberal-
isation of EC postal services.
The International Express
Couriers’ Conference (IECC)
complained to Brussels that
postal authorities had changed
the way they charge for
remailed items, which couriers
are paid to collect from large
clients and deliver in countries
where tariffs are lower.
In particular, the IECC said
national administrations had
begun to charge for each item,
rather than for the weight of
the whole delivery, ft also said
prat! posted outside the coun-
try where the sender was based
was often returned or sub-
jected to additional charges.
Mr Karel Van Miert, EC com-
petition commissioner, said he
hoped the complaint could be
resolved in the context of
debates over the liberalisation
plans. Commission officials
said yesterday that postal
administrations bad already
begun weak on making their
costs, and thus the calculation
of their fees, more transparent
“Before adopting a definitive
decision about this complaint
the Commission will take into
account the development of
work already under way and,
in particular, the attitude
postal administrations are
adopting about the structure of
their charges." the Commis-
sion said in a statement.
• Unemployment in the EC
rose to 10.1 per cent In Febru-
ary for the first time since the
fourth quarter of 1987, the EC
statistics office Eurostat said
on Wednesday.
THE FINANCIAL TIMES
Published by The Financial Times
CEjirope) GmbH, Nibclnngenphitz 3,
6000 Frankfurt am Main l, Germany.
Telephone 49 « 156 850, Fa* 4969
5964481, Telex 416193. Represented by'
Edward Hugo. Managing Director.'
Printer: DVM Drock-Vcrtrieb und
Marketing GmbH, ArimiraUft numifaM.'
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Responsible Editor Richard Lambert,
do Toe Financial Times Limited,
Number One Southwark Bridge,
London SE1 9HL, UK. Shareholder* of
the Financial Tones (Europe) GmbH
are: The Financial Times (Europe) Ltd,'
London and F.T. (Germany
Advertising) Ltd, London. Shareholder
p* the above mentioned two companies
i& The Financial Times Limited,-
Number One SooifawarJc Bridge,
London SE1 9HL. The Company is
incorporated under the laws of Engbnd-
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FRANCE
PhMirfjiiw Director: J. Rofley, 168 Rue-
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Tetephooe (Q[) 4297-0621. Fax (Olf
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ISSN: ISSN 1148-2753. Commission
Paritaire No 67808D.
DENMARK
Financial Tunes (Scandinavia) Ltd,
Vimmelskafted 42A, DR-1161
*
i
a
To change this landscape could take a miracle-
or a development team with really big ideas, to many people, this picture is
all about dereliction and dismay. This vast
413 hectare site houses the remains ot the
former Ravenscraig Sleet Works in
Motherwell, one of Europe's largest tracts of
derelict industrial land. But at Lanarkshire
Development Agency, we've got a much
broader perspective With imagination,
creative planning, and a hold visionary
approach, this site can be transformed into a
vibrant symbol of hope, regeneration and
prosperity for New Lanarkshire
The scale of the project is huge, but
so is the opportunity to be involved in one ot
the major urban regeneration projects of the
1990s. And we're looking tor consultants who
share our vision, who are not afraid to look
beyond the problems and see the opportunities.
In partnership with Scottish Enterprise, British
Steel ptc. Motherwell District and Strathclyde
Regional Councils. LDA wish to appoint a
proiessional team ot consultants to create the
unique development concept necessary to
transform this site.
At this initial stage a development
study is required to formulate an action
strategy which will address the many complex
issues surrounding the reclamation and
development of such a large area, set within
the context of a regeneration plan for
Motherwell and Lanarkshire.
Applications are invited from
consultants with a proven track record on
developments of a similar nature. A team
approach involving a range ol professional
disciplines is the preferred delivery
mechanism, to be co-ordinated by a lead
consultant responsible fora pre-qualification
submission.
A short list ol applicants wilt be selected
from the pre-qualification exercise to submit a
detailed method statement, based on a client brief
outlining their proposals lor the development
option study. It is anticipated that the study
will take place during a six month period
between June and December! 993. y^
in partnership with Scottish Enterprise
Intending applicants should submil
their pre-qualification submission lor
consideration to the address below no lator
than 30th April 1993. An information pack
giving further details ol the project can be
obtained by telephoning Lanarkshire
Development Agency's Customer services on
0698 745000 quoting reference FT8.
vm
New Lanarkshire House WiHow Drive Strathclyde Business Park BeHshBI ML4 3AD Lanarkshire
LANARKSHIRE
DEVELOPMENT
AGENCY
■AJi-O*’
l?R«-
°Ns
postal
; 'nquirv
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'■JBTJiS
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FINANCIAL TIMES THURSoav ,M.. ■
Italy’s bank
chief hints
at recovery
NEWS: EUROPE
By Robert Graham in Rome
MR Carlo Azelgio Ciampi,
governor of the Bank of Italy,
yesterday threw his weight
behind a gathering consensus
that the Italian economy was
beginning to show the first
modest signs of recovery.
The governor’s comments,
made during a public lecture,
were hedged by caution. Never-
tbeless, they reflect the view
held by Confindustria. the
industrialists' association, that
-order books have begun to
improve and the economy is
benefiting from a surge in
exports as a result of last Sep-
tember's devaluation.
Mr Ciampi observed: “The
results in terms of prices, of
labour costs and of foreign
trade confirm the opportunity
our economy has -and which
it has begun to grasp."
The economy is scheduled to
grow 0.5 per cent this year. But
if the modest recovery becomes
more sustained and interest
rates move further downward,
the growth rate could increase
- despite the problems created
by Italy’s political crisis and
corruption scandals.
Mr Ciampi insisted the weak-
ness of the lira, which has
tonched L 1,000 against the
D-Mark and depressed prices in
the bond market, was the
result of political uncertainties
more tban economic funda-
mentals. “In recent days the
bond market and the lira have
been hit by uncertainties due
to doubts about the political
situation, not a worsening of
domestic or international eco-
nomic conditions."
The Bank of Italy has on sev-
eral occasions maintained that
the lira at its current parity of
close to LI .000 to the D-Mark is
under-valued. However, export-
ers have begun to take advan-
tage of the historic opportunity
presented by a devaluation of
almost 30 per cent, accompan-
ied by inflation running at an
annualised 42 per cent.
Export figures for February
for non-EC countries showed a
25 per cent rise over the same
period the previous year. The
rise of non-EC exports, which
account for 40 per cent of the
total, combined with a decline
in imports, ensured the trade
deficit in the first two months
of the year was L626bn (£260m)
compared with lA500hn a year
ago.
Because of the EC's new cus-
toms procedures introduced in
January, Community trade fig-
ures are still not known. How-
ever. the level of Italian
exports is understood to have
begun to concern the Germans
and French. At the same time
a study prepared for the trade
unions showed wages were lag-
ging well behind inflation. In
1992 wages grew on average at
4.7 per cent against inflation of
5.4 per cent In the public sec-
tor wages grew at only 22 per
cent.
Germany
awaits
ruling on
Nato role
By Ariane Genii lard In Bonn
GERMANY'S constitutional
court yesterday failed to dif-
fuse mounting tensions in the
coalition government after it
adjourned proceedings without
a ruling on the legality of Ger-
man military participation in
the enforcement of the no-fly
zone over Bosnia.
Constitutional judges in
Karlsruhe will meet again
today to debate the appeal
made by liberal Free Demo-
crats (FDP). the junior party
in the coalition, against an
earlier cabinet decision for
Germans to fly Nato missions
in Awacs surveillance aircraft
once the United Nations no-fly
zone is enforced.
Germans make up as much
as a third of some of the multi-
national crews. Their removal
would lessen the effectiveness
of the Awacs fleet, which win
be at the heart of Nato's moni-
toring operation over Bosnian
airspace.
The judges are expected to
role today only on the validity
of an interim injunction
requested by the FDP. If they
issue the injunction, it would
German defence minister Volker Rohe (left), Bundeswehr general Elans Manmann and foreign minister Klaus Kinket at the court
hearing in Karlsruhe yesterday which will decide whether military involvement in Bosnia would be constitutional
prevent German participation
until the court rules on
whether involvement in snch
enforcement missions violates
a vague constitutional ban on
German military participation
In combat operations outside
of the Nato area.
Chancellor Kohl and the rul-
ing Christian Democrats,
eager for Germany to play a
greater international role,
argue that article 24 of the
constitution allows for mili-
tary participation alongside
the UN.
If the court agrees to hear
the appeal, it could take
months before they rule on It,
Mr Go tt hard Wehnnann, tbe
court spokesman said.
Tbe court's failure to come
to a prompt decision yesterday
led to bitter recriminations
from FDP politicians. Mr Her-
mann-Otto Solms, parliamen-
tary leader for the FDP, said
that the coalition could be
jeopardised if the court
refused to bear the full consti-
tutional case brought by the
FDP.
The FDP has said it sup-
ported in principle a greater
German military role In the
former Yugoslavia, but
demanded constitutional clari-
fication on the involvement of
German forces. The move,
which allows tbe FDP to both
support the government's
overall policy but sue against
a specific cabinet decision, has
been widely criticised.
Danes call
for EC
energy
tax moves
DENMARK is pressing for the
European Community to take a
political derision to move for-
ward with a carbon tax in
June, before the end of its six-
month presidency, writes
George Graham in Washing-
ton.
Mr Svend Auken. Denmark's
environment minister, said the
new US administration's deci-
sion to levy an additional tax
on energy offered “a unique
chance to speed things up1* in
the effort to reduce global car-
bon dioxide emissions.
EC officials acknowledge,
however, that they are
unlikely to persuade Britain to
go along with the energy tax
and are looking for a declara-
tion of principle, with details
to be worked out later.
Six countries - Germany.
Italy, Denmark, Belgium, Lux-
embourg and the Netherlands
- have backed the proposed
carbon tax. while France, Por-
tugal, Greece and Ireland have
expressed concerns about bow
the burden will be shared.
Only Spain and the UK are
firmly opposed to it.
EC officials said, however,
that they believed Spain could
be won over.
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Bank of France
may announce
interest rate cuts
By James Bfitz,
Economics Staff
FRENCH franc money market
rates continued to fall sharply
yesterday amid expectations
that the Bank of France might
cut its official interest rates
today.
The cost of borrowing
French francs for three months
eased from about 9.5 per cent
at the start of the day to
around 9 per cent by the close
of trading in London.
Dealers said this was the
lowest level at which 3-month
French franc interest rates had
been since November of last
year.
The fall in French money
y market rates came in spite of a
* smaller reduction than, had
been expected in the cost of
borrowing wholesale funds
from the Bundesbank.
The German central bank
announced yesterday that the
lowest accepted repo rate for 14
days was at 8.13 per cent, and
that it was at 8.15 per cent for
35-day funds. The market had
been expecting the repo rate to
be cut down to 8.10 per cent or
even lower.
Despite the smaller-than-
expected cut the French franc
continued to strengthen
against the D-Mark, closing at
FFr3,3834 in London from a
previous FFr33840.
Both the Belgian and Dutch
central banks announced small
cuts in their official rates in
the wake of the move by tbe
Bundesbank.
Belgium’s central bank cut
its central money market rate
to 7.9 per cent from 8 per cent,
and tbe Dutch central bank cut
its special advances rate to the
same level.
The reduction in French
money market rates brought
the spread between 3-month
French francs and 3-month
D-Marks down to around 12
percentage points yesterday. It
had been as high as 4 percent-
age points at the peak of the
last two attacks on the French
currency.
NOTICE OF REDEMPTION
CBS Inc., a New York Corporation (the "Company")
VS. $400,000,000
5% Convertible Subordinated Debentures due 2002
(tbe "Debentures") Convertible into Common Stock
of CBS Inc.
(Common Code 1013769)
Notice is hereby given in accordance with the Terms and
Conditions of the Debentures and the related Fiscal and Paying
Agency Agreement that the company has elected to redeem all
the outstanding Debentures on May 4. 1993 (the "Redemption
Date") at a price of 102* of the principal amount (the
"Redemption Amount"), plus accrued interest to the
Redemption Date, as provided in the Terms and Conditions of
the Debentures and the related Fiscal and Paying Agency
Agreement.
The right of the holders of the Debentures to convert
Debentures into Common Slock of tbe Company shall cease
after the close of business on the redemption Date. No payment
or adjustment will be made upon conversion for any accrued
and unpaid interest on the Debentures so converted.
The annual payment of interest on the Debentures that is due on
April 7, 1993, will be made in the usual manner.
Payment of the Redemption Amount, together with accrued
interest to the Redemption Date, will be made on or after the
Redemption Date against presentation and surrender of the
Debentures at the office of the Fiscal Agent or any of the
Paying Agents listed below. Debentures must be presented for
payment together with all unmauired inlerestcoupons- Interest
will cease to accrue on the Debentures as from May41OT
After the Redemption Date, the sole right of a holder of
Debentures shall he to receive lhe redempuon Amount plus
accrued interest to the Redemption Date.
Fiscal Agent: Swiss Bank Corporation. Basel
Paying Agents: Kredietbank S.A. Luxembourgeotse.
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US$ 50,000,000
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Swiss Bank Corporation, Zurich
For and on behalf of CBS Inc., New York
April 1. 1993
SUMITOMO BANK
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,1 ---■ -rvMrsTHURg*
Industry sees
2.4% growth
in Japan
By Robert Thomson in Tokyo
JAPAN’S Economic Planning
Agency said a survey of lead-
ing industrial companies round
that most expect the Japanese
economy to grow by about 2.4
per cent this fiscal year - weli
below the official government
forecast of 3.3 per cent
The survey of 1.882 non-
financial companies listed on
the country’s three largest
stock exchanges also found
that only 2.5 per cent have
resorted to early retirement
schemes or dismissed workers
as part of their cost-cutting
programmes.
Export-oriented manufactur-
ers told the EPA that an
exchange rate of Y124 to the
US dollar was about the
break-even point for their com-
panies, though the Japanese
currency has traded as low as
Y U3 JO over the past week and
hovered around the Y114 level
on the Tokyo foreign exchange
market yesterday.
Mr Yasushi Mieno. governor
of the Bank of Japan, speaking
after a meeting of regional
branch managers of his bank,
said there was no good eco-
nomic reason for the sudden
rise in the yen, asarecovery
was unlikely until late this
year.
However, he cited an appar-
ent lift in corporate confidence
in recent weeks as a good sign
for economic activity, which
has been restrained by execu-
tives' generally gloomy expec-
tations for consumer demand
find capital spending this year.
The EPA said companies
responding to its survey
planned to increase capital
spending by an annual average
of 2.8 per cent over the next
three years -over the past
three years, annual growth has
averaged 10.5 per cent
EPA officials said Japanese
companies did not want to lay
off workers, but clearly
believed they were carrying
excess staff, notably middle-
aged managers. About 67 per
cent of companies said they
had too many administrative
staff, while 34.6 per cent claim
to have too many managers in
technical divisions.
Mitsubishi and Aiwa to
expand in S E Asia
By Michiyo Nakamoto
MITSUBISHI Motors, the car
manufacturer, and Aiwa, the
electronics manufacturer, are
to increase production in
south-east Asia. The announce-
ment yesterday highlights a
trend among Japanese compa-
nies to move production to the
region.
Mitsubishi Motors said it
would expand capacity at its
plants in Malaysia and Thai-
land, while Aiwa said it would
increase investment in Malay-
sia and Singapore.
The moves reflect the two
companies’ expectations of
substantial growth in the
south-east Asian market in
coming years. However, it will
also help both companies over-
come pressures on their prof-
its. Their industries have been
most severely hurt by the
domestic Japanese slump and
the rise of the yen.
Mitsubishi is expanding
annual capacity in Malaysia
from 120.000 to 150,000 vehicles.
In Thailand, it is plannig to
raise capacity from 30,000 to
100.000 by 1995.
Aiwa, which expects to see
pre-tax profits fell by 40-50 per
cent in the year to March, is
planning to increase produc-
tion in Singapore where it will
expand its three factories.
Subsidies
urged for
computer
workers
By Michiyo Nakamoto In Tokyo
JAPAN’S computer makers are
to seek government employ-
ment subsidies, underlining
the severity of the downturn
in the country’s high technol-
ogy industries.
The Japan Electronic Indus-
try Development Association,
representing 198 companies, is
to ask the Ministry of Labour
for help under its employment
assistance programme. This
provides funds to companies
in designated industries where
production cuts have made it
harder to keep workers in
employment.
The scheme, which was
started in 1974, is intended to
help prevent unemployment
and is funded by Japan’s
unemployment insurance,
which is compulsory.
Companies belonging to one
of the designated industries
can apply for add to re-train
employees, transfer them to
subsidiaries or other parts of
the business or simply to pay
staff while a factory is tempo-
rarily closed. To do so, they
must provide the authorities
with a convincing plan of how
they intend to use the money.
The Labour Ministry has
recognised 119 sectors, from
steel mills to vehicle body
manufacturers, as industries
qualifying for employment
assistance.
For the computer industry,
however, which is applying for
i the first time, the need for
1 such assistance is a clear sign
of the difficult times ahead for
[- the Industry.
a Japan’s computer output
e dropped 10 J per cent last year
d to Y5,460bn (£32bn) in value,
and the association is expect-
g ing the level to be about the
a same this year. It has been suf-
5. rering a sharp fall in orders as
o Japanese companies, particu-
o larly in the financial sector,
have scaled back investment
x Consumers also held back
»r from purchases towards the
is end of last year In the face of
c- an intense price war, accord-
111 ing to Dataqnest, the high
technology consultancy.
NEWS: INTERNATIONAL
. V i
'mi ...
<y .V--
ssBastisSaSSSSSsSSSisaSaftavT’ ”
Share prices bubble again
“*■ - __ oi-nnnmic package,
By Emtiko Terazono in Tokyo
HECTIC TRADING and
bristling confidence in recent
weeks on the Tokyo stock
exchange have brought back
memories of the “bubble" days
of the late 1980s.
The Nikkei average, which
measures Tokyo stock prices,
touched 20,000 yesterday for
the first time since March last
year, prompting Mr Kazuo
Tamayama, an investment
strategist, to describe the unex-
pected rise as “a mini-bubble".
The Nikkei closed at 19,829.23
yesterday, up 342.43 on the day
and 38 per cent above its low
in August.
Interest rates are low, and
there is even talk of support
for land prices. The economic
backdrop is, however, reminis-
cent of the earlier 1980s, when
exporting companies were hit
with a higher yen, interest
rates were at historical lows,
and the government intro-
duced a Y6.000bn (£35bn) emer-
gency economic package.
The official discount rate
Japan
Mkksl Averaoe (WtS
Sources EfeHifltaBn
was cut to 2J per cent in Feb-
ruary, and the government wfil
announce yet another emer-
gency package next week.
A report released this week
by the Ministry of Finance,
defines a “bubble” as a sharp
dissociation between the theo-
retical and actual values of
assets. The report reflects the
reasons for the surge in asset
values in the 1980s, although it
is unclear if the ministry
would define the recent highs
reached cm the Tokyo market
as “actual" or “theoretical"
Even though corporate prof-
its are felling while pricelearn-
ings ratios have reached levels
pr>«»<»n since the bubble years,
brokers insist the market rise
is completely rational- Mr Chis-
ato strategist at
Nomura Securities, says: "The
stock market is discounting
the future recovery in corpo-
rate earnings,” although he
adds that profits at companies
may not see a full fledged rise
for three to four years.
Such reasoning does not
make much difference to inves-
tors In search of investments
offering high returns. Money
market interest rates have
fallen sharply, while the bond
market has peaked, losing 40
per cent in the last two weeks.
politicians are playing a role
in up stock prices, and
are even encouraging a rise in
land prices, another bubble fea-
ture. Mr Hiroshi Mitsuzuka,
head of the ruling Liberal Dem-
ocratic party’s team working
on the economic package,
wants public funds to be
pumped into the property sec-
tor for advance purchase of
land for public works heets.
He also suggested that the
package should include asm-
tancefor ailing banks through
supporting property prices.
Meanwhile. Japanese news-
papers are cheering on stock
prices, and highlighting every
“green shoot” of economic
recovery. But capital spending
is still falling, job opportunities
are contracting, and consumer
demand is stiff very weak.
Mr Yasushi Mieno, governor
of the Bank of Japan, yester-
day expressed concern at the
rapid rise of share prices, say-
ing the stock market should
reflect corporate earnings.
But some suspect that the
Finance Ministry has devel-
oped a fondness for bubbles,
believing that a surge in asset
prices is the only prescription
for the economy, wobbling
under the heavy burdens
inherited from the collapse of
the last bubble.
India acts *
to boost
credit to
industry
& Reserve Bank of India
XSJKJ Announced a cut in
^^Serve requirements of
fommeSl MnKs to help
Iowever? the intral bank k*
i’taey minimum lending rate
as?®'1®?
frSiereial banks would ha
w^rPfi bv 1 percentage point
Sr MS. The banks’
ash reserve ratio would be cut
v 1 point to 14 per cent
W Rangarajan was announc-
vg the central banks credit
Sicy for the first six months
t the 1993-94 fiscal year. .
He said the cuts in the two
eserve requirements would
riake an additional Rs495bn
El Q5bn) available for lending.
“The hesitant industrial
ecovery in 1992-93 mustbe
inverted into a strung revival
n 1993-94.” the Bovmw sMd.
■Adequate availability of cxeati
S® be critical In converting >
he weak industrial recovery
into a strong revival”
Some bankers and business-
men bad expected *******
in minimum lending rate,
which was reduced by 1 point
to 17 per cent in February.
R-C.Murthy, in Bombay, adds:
The central bank also
announced restrictions would
be lifted on some interest rates
in an effort to encourage
inflows of foreign currency.
Lending rate curbs are
scrapped for rupee funds
issued against foreign currency
deposits. In exchange, banks
will have to absorb exchange
rate fluctuation risk, which is
currently borne by the Reserve
Bank. . ,
The scheme Is optional,
which means restrictions win
stay if to^ks choose not to
take on the exchange rate risk
Analysts say the scheme would
be attractive to foreign banks,
which have to invest 37.5 per
cent of their deposits in low-
yield government bonds and to
earmark 15 per cent of their
loans to «m«ll businesses and
exports at fixed interest rates.
Khmer
Rouge
defiant
to the
very last
By Victor Mallet In Bangkok
CAMPAIGNING for next
month’s UN-sponsored election
in Cambodia began on an omi-
nous note yesterday when the
extreme left-wing Khmer
Rouge guerrilla group publicly
reaffirmed its opposition to the
poll and said it would not
respect the result
The Khmer Rouge made its
announcement as Mr Boutros
Boutros Gbali, the UN sec-
retary-general, arrived In
Phnom Penh to give ins back-
log to one of the largest and
most expensive peacekeeping
operations in UN history.
In Brussels, the European
Community expressed concern
about repeated ceasefire viola-
tions in Cambodia. Peace and
security, without Intimidation
were needed for the elections,
the EC said. It urged all parties
to accept the outcome.
The Khmer Rouge, which
has refused to abide by the
peace accord signed by its lead-
ers and those of the other Cam-
bodian factions in Paris in
October 1991. is not among the
20 political parties taking part
in the May 23-27 elections and
is suspected of planning to dis-
rupt the voting.
Mr Mak Ben. a Khmer Rouge,
spokesman, declined to give a
direct answer when asked if
his organisation would disrupt
the poll, saying only that it
went “against the spirit and
letter of the Paris agreement”.
“it it is violation of the UN
charter. It goes against the
sacred right of self-determina-
tion of the Cambodian peo-
ple. . . We will never accept
the result of the election that
W- Cl
•*., vO-mv
Kazakhs move slowly to negotiate
deals that will unlock their riches
Steve LeVine on an ex-Soviet republic with multi-billion dollar resources
bayev also has established
KAZAKHSTAN, with wiched between Russia, China •• - : ' ° gl safety net in which 3m peopl
some of the world’s and the rest of central Asia r-* mostly pensioners and war ve
richest off. natural gas - have given the republic of — * V erans. are receiving a month!
iikuu,. — — , ..... —l— >»ahic if, I •'» •’ jj. * .. -r nv.n mu DksU
Prince Sihanouk (left) shares a Joke with UN secretary-ge^ral
Boutros Boutros Ghalt hi the run-up to the Cambodian election
will give legitimacy or a cloak
of legitimacy to the Vietnam-
ese occupation of Cambodia.”
The Paris agreement specifi-
cally provides for the election
and commits the signatories to
respect the results, but the
Khmer Rouge has repeatedly
complained that Vietnamese
troops remain in Cambodia in
violation of the agreement.
Vietnam invaded Cambodia in
1978, overthrowing the brutal
Khmer Rouge regime and
installing the present adminis-
tration in Phnom Penh.
The UN’s 22,000 military and
civilian personnel have been
unable to prevent an upsurge
in violence as the elections
approach- Last month more
than 100 people were killed,
many of them Vietnamese
migrant fishermen massacred
by gunmen thought to be mem-
bers or the Khmer Rouge. Only
last week three Bulgarian UN
soldiers were killed by Khmer
Rouge guerrillas they bad
Invited to supper.
Kazakhstan, with
some of the world's
richest oil, natural gas
and mineral reserves, has a
rosier economic outlook than
most of its former Soviet com-
patriots. Unless it deliberately
botches the job, the central
Asian republic is destined to be
rich.
Kazakhstan and Its western
business partners are engaged
in painstaking talks on two
multi-billion-dollar oil and nat-
ure! gag deals that are bound
to trigger an economic boom.
And the republic and foreign
bankers are debating how, in a
five- or six-year transition, to
maVo the expansion sustained
and broad.
Until the negotiations and
debate are resolved, Kazakh-
stan - starting from scratch in
creating a market-oriented
economy - will not have the
hard cash it needs to begin
turning around its struggling,
inflationary economy.
“The Kazakhs arc trying
very bard to get it right,” said
a western diplomat in the Kaz-
akh capital of Alma Ata.
“They're not prepared to do
deals where in 10 years they’re
left with nothing. Nor should
they be. They hesitate a little,
because they feel they don’t
have the expertise to deal with
these very large, very clever
western companies.”
Since the Soviet Union broke
up more than a year ago, Kaz-
akhstan has attracted a lot of
attention because of the Bai-
konur space centre, from
which flights were launched,
and the Semipalatinsk nuclear-
weapons testing facility.
These, plus Its natural
resources, nuclear arsenal and
geographic position - sand-
wiched between Russia, China
and the rest of central Asia
- have given the republic of
17m people political status in
and out of the Commonwealth
of independent States.
In this role the Kazakh presi-
dent, Mr Nursultan Nazar-
bayev, has been a leading
advocate of restoration of eco-
nomic links among the ex-
Soviet republics, and a moder-
ate voice on nuclear issues.
Kazakhstan’s prospects are
immediately hinged on two
currently in negotiation.
Chevron, the fourth largest US
oil company, is bidding to
develop the Tengiz oil field
which, with at least 6bn-9bn
barrels of recoverable reserves,
is in the same league as Saudi
Arabia's largest
The deal would pump an ini-
tial $1.5bn into the Kazakh
economy over the next three
years, and could be worth
$20ba over 40 years. At the
same time, British Gas and
Agi? ars negotiating to
deveiop the Karachaganak
field, which contains 20,000bn
cubic feet of natural gas, plus
2bn barrels of oil and conden-
sate. This deal involves $6bn in
investment in the first decade.
ft?rafchKtan also possesses
substantial chromium, gold,
silver, zinc, lead and iron ore
deposits. The republic mined
130m tonnes of coal in 1991, a
quarter of the Soviet total, and
last year exported 10m tonnes
of wheat.
Tbe government is also
starting to examine bids on a
5100m deal to refurbish a huge
cigarette factory in Alma Ata
and revitalise Kazakhstan's
tobacco crop. The bidding is
among the same three compa-
nies warring across Europe
'• •' j ■*•**'.
Q 2503
0 Km 400 1
Tangle S*nwprfatb*k ,
KAZAKHSTAN
Late
Bafthwft
jwh***? L
r c
•^graiA’
.. . V— tv
P" TURKMB>fiStXN\ . «
- Britisb-American Tobacco,
RJR Nabisco and Philip Morris.
Meanwhile, however, Kaz-
akhstan is largely stagnated in
its Soviet past, and is moving
only slowly to consummate the
deals and begin its predicted
ascent Both the Chevron and
British Gas-Agip agree-
ments - complex negotiations
involving installation of basic
infrastructure in remote, back-
ward rerions as well as — huge
build-up of extraction technolo-
gy - were supposed to be com-
pleted by April 1.
Neither is likely to be soon,
say government officials.
“Karachaganak won’t be fin-
ished before October,” Mr Gal-
iausat Keshubayev, the energy
ministry’s head of foreign rela-
tions, says of the British Gasr
Agip negotiations.
For now the republic,
about the size of western
Europe, is in economic col-
lapse. The economy shrank 14
per cent last year after a 10 per
cent fan in 199L Inflation was
2,500 per cent in 1992 and real
wages fell 2030 per cent The
government says the 1993
unfinanced budget deficit will
be Rbsl82£m. or 7.9 per cent of
gross domestic product
The inflation rate, still rag-
ing at 2535 per cent a month,
particularly worries interna-
tional bankers. Almost ail of it
is pinned to Russia's hyperin-
flation, largely through the
rouble's plummeting value and
the spiralling price of goods
imported from Kazakhstan’s
northern neighbour.
Budgetary pressure is inten-
sified by Mr pol-
icy of containing the social
costs of the economic collapse.
A delicate population balance,
for one, complicates his deci-
sions: Kazakhs and ethnic Rus-
sians each make up about 40
per cent of the population, and
Mr Nazarbayev is frying care-
fully not to antagonise either.
In conservative Central Asia,
he is also intent on limiting
the kind of economic upheaval
that has rocked Russia. To
keep Kazakhs working - there
are just 80,000 officially unem-
ployed-the president is sub-
sidising state factories; thus
far, there has been no attempt
to target unprofitable factories
for closure.
With what he calls an “anti-
crisis programme”, Mr Nazar-
bayev also has established a
safety net in which 3m people,
mostly pensioners and war vet-
erans. are receiving a monthly
income of Rbs3.000, Rbs500 4
above the minimum wage.
The key problem now is with
the International Monetary
Fund. After 18 months of talks,
the IMF is staffing up to S700m
in assistance, mostly over the
fund's belief that Kazakhstan
should leave the rouble zone
and establish its own currency-
IMF reasoning is that with
little prospect rtf Russia man-
aging inflation, other republics
in the rouble zone stand little
chance of taking control of
their own economies. Thus, the
IMF’s strict economic targets
would be hard to meet, and
Kazakhstan would also be
hard-pressed to repay its debts.
Kazakhstan, however,
though conceptually agreeing
with the fund, is worried about
supporting a currency: it has
few reserves, and there is no
guarantp* that n Kazakh cur-
rency would be stronger than
the rouble.
The chances are that the
republic will not bend to the
IMF’s will on the currency
issue at least for the next few
months, says Mr Oraz Jando-
sov, deputy economics minister
and one of the president’s lead-
ing economic architects. So
Kazakhstan will probably be
left for now without the cash
to finance the deficit and begin
fundamentals such as building
basic infrastructure.
Together, the problems make
the coming years look rocky.
"This country has great poten-'
tial,” says a foreign banker.
“But you're looking at five or
six years of transition before
you get there.”
No. 1 Account open for new clients
D.kr.: 10.25%* No- 1 for interest
You get very high interest, increasing with
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* “ each month, giving you a high annual
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PHI in the coupon or call u#. 1
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times THURSDAY ApR,L
8 1993
LA braced for more
mayhem over beating
NEWS: THE AMERICAS
By Louise Kehoe
in San Francisco
LOS ANGELES is bracing
itself for renewed violence as
the second trial of four police
officers involved in the beating
of Mr Rodney King, a black
motorist, draws to a close.
Last year, their acquittal in a
state court on charges of
assault and use of excessive
force in a beating video-taped
by a bystander and shown on
television worldwide, set off
three days of rioting in the
city, claimed mare than 50
lives and resulted, in damage
estimated at $2bn.
Tomorrow, a jury is expected
to begin its deliberations in the
new trial, in a federal court
This has lasted six weeks. The
policemen are accused of hav-
ing violated Mr King's civil
rights by falling to protect him.
Mr Tom Bradley, Los
Angeles mayor, and Mr Willie
Williams, city police chief,
have appealed for calm and
said that the police department
is now better prepared to deal
with potential violence than
when the riots broke out
However, tension is rising.
The Los Angeles Times
reported this week that the
national guard had moved
armoured vehicles into the
area “to facilitate a rapid
response" and that the city
police department, the Los
Angeles county sheriffs
department, the California
highway patrol and other agen-
cies had trained to contain vio-
lence “in case disturbances
break out again."
On Sunday, a televised
"town meeting" drew repudia-
tions of the criminal justice
system from participants who
claimed that minorities still
face discrimination from
police, prosecutors and judges.
“We have been told to respect
the justice system but injustice
has been perpetrated on us,"
said Mr Daimy Bake well, presi-
dent of the Brotherhood Cru-
sade. a charity group in south
central Los Angeles, an area
devastated by the riots. hWe
are not going to allow our peo-
ple to be abused any longer.”
Pears of renewed rioting
bave been heightened by
rumours that gangs will invade
suburban homes and busi-
nesses, although officials say
these stories are based on
boasts of a few gang members.
Even so, gun sales are reported
to have risen more than 30 per
cent in recent weeks.
A Los Angeles youth walks past graffiti with the names of the
police officers involved In the Rodney King case crossed out
Inner-city phoenix is slow to rise
IN THE inner city of Los
Angeles, the credit crunch
which many US small busi-
nesses complain about takes
on a different form.
Many businessmen - under
the shadow of last year's riots,
and amid fears of more to fol-
low - believe that banks may
remain reluctant to lend in the
inner city and that scarcity of
capital will prevent them
catching the rising tide when
southern California eventually
emerges from recession.
Also, many Los Angeles
banks complain that the short-
age is not so much of bank
capital as of qualified borrow-
ers with sound proposals for
commercial loans.
Founders National Bank, the
only black-owned bank in Cal-
ifornia, sits in the middle. Set
up two years ago from the
remains of a failed savings and
loan institution. Founders has
been able to attract new capi-
tal in the wake of riots.
Arco, the Los Angeles-based
oil and gas group, has invested
Sim in the bank. Bank of
America sold Founders two of
its branches in south central
Los Angeles, taking payment
in Pounders preferred stock
and capital notes.
Mr Carlton Jenkins, Found-
ers managing director, says he
can turn these stakes into 15
times as much investment in
the south central community
where he grew up. He hopes to
announce other investors
shortly.
"We bave just tried to be a
good model of corporate cre-
ativity and show by example
remains a problem for business
people in the inner city. “We
have a lot of entrepreneurs
who are at a level that, with a
good shot of capital and a bit
of ‘mentoring’, they could take
one of these chicken restau-
rants we have and turn it into
a chain,” says Mr Jenkins.
Rebuild LA, a private sector
task force set up after the riots
last year to try to help spur
One side effect of the fund
may be to remove an excuse
for financial institutions which
say they would really like to
invest in the inner city but
somehow never quite get
around to It
“They all say they are
looking for the vehicle. We are
going to give them the
vehicle” says Dr ConnelL
As important, however, may
George Graham chronicles the attempts to revive
small businesses in the wake of last year’s riots
that you can do business in the
inner city and make money,"
he says, noting that Founders
made a $lm profit in its first
year and will report one of
about 81.3m for 1992.
But Mr Jenkins notes wryly
that his own business has had
no luck with traditional
sources of finance such as
investment banks or pension
funds.
*T still don’t have any invest-
ment bankers knocking on the
door. I think It is principally
because my little bank sits in
the inner city.” he says.
Finding sources of finance
investment and economic
development in the more
depressed areas of Los
Angeles, hopes to meet a part
of this need by setting up an
equity fund to make invest-
ments of between 5250,000 and
5lm in expanding businesses.
Dr Kathleen ConnelL an aca-
demic and investment banker
who chairs RLA's business
investment task forte, hopes to
raise $10m. With backing from
the federal Small Business
Administration, that could
turn into a $40m pool. The
fund is expected to be ready for
launch in June.
be the need for much smaller
capital injections to bring peo-
ple with entrepreneurial poten-
tial into the formal economy
- for example, to help an ille-
gal street vendor buy a shop.
Finance at this level can be
difficult for a bank to take on.
A recent survey of minority-
owned banks doing business in
riot-affected areas of Los
Angeles showed that most
complained of unsophisticated
borrowers with inadequate
financial statements, non-
existent business plans, limited
borrower’s equity and a lack of
financial guarantees.
Disney, the entertainment
group, has undertaken a proj-
ect in Los Angeles providing
loans of less than $20,000. at
interest rates below 5 per cent
over five years, to small entre-
preneurs without collateral.
The loan funds are aditihris-
tered by Los Angeles Renais-
sance, a programme run by the
First African Methodist Episco-
pal Church in south central
Los Angeles.
Some of the city's Aslan
communities have well-estab-
lished networks for informal
financing, bat Dr Connell says
this form of silent capital does
not exist to the same extent in
the black or Hispanic commu-
nities.
However, Mr Greg High-
tower, who was able to secure
finance to buy a cleaning busi-
ness on south central’s
Crenshaw Boulevard when the
former owner moved out after
the riots, considers himself liv-
ing proof that the money is
there if you look hard enough.
“It’s not like it’s Battle
Creek, Michigan - there’s a lot
of money out there,” he says.
"You’re in Los Angeles. If you
just keep spreading the word,
you might get lucky.”
Argentine
debt crisis
ends with
bank deal
By John Barham
to Buenos Acres
ARGENTINA’S ll-year foreign
debt crisis was formally ended
yesterday by the signing of a
debt redaction plan with credi-
tor banks in New York. The
government calculates the
agreement will reduce by a
third the burden of servicing
$19.29bn in debt principal.
The debt reduction mecha-
nism, similar to that for other
ijyHn American countries, was
devised by Mr Nicholas Brady,
former US treasury secretary.
Under this formula banks, con-
cede a debt reduction in
exchange for bonds collateral-
ised by US Treasury zero cou-
pon bonds.
Argentina yesterday banded
the franire si6.97bn in so-called
Brady bonds and banks trans-
ferred foreign debt certificates
covering principal and a fur-
ther $&3bu in interest arrears.
Arrears are covered by sepa-
rate 12-year floating rate
bonds which are not backed by
collateral.
The 30-year Brady bonds
come in two varieties, allow-
ing banks to choose between
preserving principal or inter-
est. Par bonds represent the
full value of debt principal but
pay low, fixed interest of 4 per
cent a year, gradually rising to
a maximum 6 per cent in
seven years' time. Discount
bonds represent only 65 per
cent of principal, but pay float-
ing Interest of $ per cent over
Libor.
Falling US interest rates had
made par bonds far more
attractive than discount
bonds. Tbe banks originally
took up only $4JJlbn of dis-
count bonds, against Jl2.66bn
in par bonds. Hie latter are
more costly for Argentina and
this delayed closure of the
deal. However, tbe govern-
ment - helped by the World
Bank, the International Mone-
tary Fund and the steering
committee of creditor banks -
convinced more banks to take
up discount bonds.
Argentina had to pay
S2.85ba for the zero coupon
bonds to back its Brady bonds.
Cuomo spurns
nomination to
Supreme Court
By George Graham
in Washington
GOVERNOR Mario Cuomo of
New York has taken himself
out of consideration for nomi-
nation to the US Supreme
Court, according to news
reports yesterday.
Mr Cuomo, who has long
been an eloquent social con-
science for the Democratic
party, had been viewed as the
frontrunner to replace Justice
Byron White, who will retire
from the court this summer.
But Newsday, a New York
daily newspaper, reported yes-
terday the governor had with-
drawn his name, and the Asso-
ciated Press said White House
officials had confirmed the
report ,
President Bill Clinton
refused to discuss the Supreme
Court appointment yesterday,
but said be thought Mr Cuomo
was ‘'terrific".
During last year’s presiden-
tial election campaign Mr Clin-
ton had said he thought the
New York governor would
make a good Supreme Court
justice, and Mr Cuomo himself
has said the position would be
ideal- , . , «.
However, in his usual ambiv-
alent style, he also likened the
court to a tomb.
Mr Cuomo may be unwilling
to give up his high profile in
the political arena.
Membership of the Supreme
Court is usually a lifetime job,
and Mr Cuomo has often been
mentioned as a potential Dem-
ocratic presidential candidate.
Mr Clinton will be the first
Democrat to select a Supreme
Court justice since President
Lyndon Johnson, and the
appointment is viewed as
reversing the court's long
march towards a more conser-
vative jurisprudence under the
intellectual leadership of Jus-
tice Antonin Scalia.
Besides Mr Cuomo,-- most
speculation on a replacement
has centred on sitting judges
such as Ms Patricia Wald or Ms
Stephanie Seymour, who are
on federal appeals courts.
While most recent nominees
have been judges, in the past
the Supreme Court has
included more politicians and
legal scholars.
Jamaican party to
boycott parliament
By Canute Janies
In Kingston
JAMAICA'S opposition Labour
party is to boycott sittings of
the island's parliament and
will not appoint any senators,
in protest at the conduct of last
week's general election in
which the People’s National
Party was returned to office.
Mr Edward Seaga, Labour's
leader, has also asked the gov-
ernment to dismiss the police
commissioner and to set up a
public inquiry under the
island's chief justice to study
the conduct of the election.
The poll was marred by
clashes between party factions
and the stealing of ballot boxes
and papers from polling sta-
tions, mainly in Kingston, the
capital.
Mr P J Patterson, prime min-
ister, has rejected Mr Seaga's
call for an inquiry, saying the
law allowed any citizen to take
cases of electoral malpractice
to the courts.
He said also that if Mr Seaga
did not appoint opposition sen-
ators he will be failing in his
duty as opposition leader, and
should stand down in favour of
someone else.
The office of the director of
elections reported yesterday
that the official counting of
votes was continuing, and that
official declarations had given
the PNP 49 and Labour six of
the 60 seats contested last
week.
ABBEY NATIONAL TREASURY SERVICES PLC
(FORMERLY ABBEY NATIONAL BUILDING SOCIETY)
£42,000.000 A.' MORTISING SUBORDINATED FLOATING RATE
SERIAL NOTES DUE 1997
(n aL-L-onlancc with the provision; of (lie Notes, notice is hereby given as
follows;
* Interest period: April 5. 1993 to July SUu 1993
* Interact payment tl ale; July 5, ] 993
* Interest rale: 650% per annum (including (bo margin)
* Coupon amount: £16,205.48 per nolu of £1,000.000
AGENT BANK
KOREA INTERNATIONAL TRUST
In tarnations! Depositary Receipts
evidencing Beneficial Certificates
representing 1,000 units
Notice ta Hereby given 10 tbe UnUtoMen Dm Korea International Treat declared a
rflatritaiiaa of Won 589.000 per IDS of 1000 Unit* payable on June 25*. 1995 hi tbe
Republic of Korea.
Fbymcnu of roopon no. 12 of Ow Imetaadonal Deportary Rccctpn wfll be made on My
2nd. 1993 in US doom at one of tbe IbUawtng office* of Morgan Guaranty Tre«
Cbmpony of New Vat:
- Breve*. 35. Avenue des Art*
- New Yak. 30. Wen Broadway
- London. 60. Victoria Babrnitnynt
- Frankfurt. 44/46. Mabuer Landniafse
- Zorich. 38. Suxkeramae
The amount of dolfan Hull be Ac net proceeds of tbe sale by tbe Fond of tbe war amount
to a Icrcipa exchange bank In me itpnbUe of Kama at fea "apoT rare cn July 2nd. 1993.
Tbe proceeds of tbe coupons presented alter July 2nd. 1993 will be converted fan US
donaiw * tte parading spot rate of the day fottowtng their prescauxtaa, end will be
distributed to the Uabbotdeni in proportion to their respective Humcmcnu and oiler
ded Baku of afl usee and charges of dia Depnaiiary.
HoMers residing in a country having a doable ixudoa may wbb the Republic at Korea
may obtain payment or their coupons it a lower rate of the Korean non-resident
wlUdtoKfiiig ux. at oondUloa they Ibraksb » dibs tbe Depositary w through one of the
designated nib-paying agents a ccnifka* showing tbdr resume together whh a copy of
the ccn locale of boraptaalioo or a copy of tbe passport for IndJrldnis. Those docnmenti
m requeued by the Korean Nattawl Tax AdmteUiratkn Qaice as evidence of residence
and without them the Am rate of 26.S75 pet Korean rawcsfcbm wHMioMInc tax w(B be
readjust.
UcpaSary: Morgan Guaranty Tran Oanpoty of New York
35, Avenue de* Anc, 1 040 Brussels
NOTICE OF REDEMPTION
ASSOCIATES CORPORATION OF NORTH AMERICA
7%% SENIOR NOTES DUE MAY 15, 1996
NOTICE IS HEREBY GIVEN THAT, pursuant lo the provisions of Ski Fiscal
Agency Agreement (Hie "AnxyemenT) dated as cf May 15. 7S86 between Associ-
ates Corporation of North America (the ‘Company") and The firei National Bank
of Chicago, as Fiscal Agent, tin Company has elected to redeem afl of its
outstantbng 7WX> Senior Notes due May IS, 1996 (the "NotasQ on May 15. 1993
(the "Redemption Dale') af a redemption price equal n 101.5% of the principal
amount thereof {the "Redemption Price "X
On the Redemption Date, the Redemption Pries wifi become due and payable
upon each Note to be redeemed and on and after said ttisa fte sate right of a
hofder of a Note shad be to receive the Redemption Wee phis accrued interest to
the Redemption Date.
Payment of the Redemption Rrtce in the case of Bearer Notes wfli be made on and
after the Redemption Date upon presentation and surrender of the Notes to be
redeemed, tagettrer with aH appurtenant coupons maturing subsequent to the
Redemption Date, te the offices of any of the toBowtng Paying Agents:
The First National Bank of Chicago Swiss Bank Corporation
London Branch 1 Aascherwreratadt
First Chicago House 4002 Basle
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Krodtetbank &A. Luxnmbourgeotee
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Coupons maturing on May 15. 1993 should be detached and surrendered for
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By: The First National Bank of Chicago
as Fiscal Agent
Dated: April l. 1993
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That's easy.
Wiring the contract vvssr/t.
Major Amarlcan and European
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Despite the competition, v/e
became ore of the first British
companies to be awarded a licence
? 7» ^ 7 * ■ ■'« Cs .» 5 SJ
(I 1 ; U’m^SiL >Ca
Oris or the factors thai c refinanced
the Su Scarf an government was our
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Following exp* oration we always
return the landscape to its former
glory; in this case an Important
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3xo? oration around the Black Sea
Coast are of outstanding natural
u/ »-r. .. ' ;■*
Cf cc'ji“33 it's fair ic say that
cur technical excellence, financial
strength, and iniernationa:
exploration experience also helped
to swing the decision.
E ut proving big can mean
beautiful was what cf inched it irs
f: you'd like to know more
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0300 131 5-35 free of charge
ascS we'H send you s copy cf our
annua? report.
s
NEWS: WORLD TRADE
Government will protest to Brussels over soaring Japanese sales
Italian car market tumbles
By Haig Simooian In MBan
THE Italian government is to
complain to the European
Commission about surging
Japanese car exports, after
sales figures ter March showed
a sharp rise in Japanese regis-
trations against a steeply fall-
ing market.
New car sales in Italy,
Europe's second biggest mar-
ket, dropped by almost 21 per
cent in March. The fall was the
biggest since sales plummeted
in late 1974 and early 1975,
after the first oil price crisis.
The Rome government will
argue that Japanese exports to
Italy are running well above
the 17.5 per cent increase to
42900 hammered out ter this
year between European Com-
munity and Japanese negotia-
tors Last week.
It will also claim that sales
of Nissan's UK-built Micra
compact car, which have
soared this year, represent an
unfair case of “targeting” one
model at a single market, a
practice forbidden under an
earlier EC- Japanese accord.
Domestic manufacturers,
largely Flat, bore the brunt of
last month's sales drop, with a
22.4 per cent fall in registra-
tions. Although Imports
dropped by 199 per cent, most
Honda top importer at home
THE title of top-selling maker of imported
cars In Japan last month went to Honda Motor,
whose increased imports of vehicles from
its US factories exceeded the sales of foreign
makers such as Volkswagen and BMW for
the first time, writes Robert Thomson in Tokyo.
Honda’s imported car sales tripled from
a year earlier to 4,569 units and those of Toyota
Motor were almost four times higher at 1,339
units, as consumers wanting an imported
car increasingly chose a Japanese-badged
vehicle.
Total sales of imported vehicles for the
month were 32 per cent higher at 22,977 units,
the Japan Automobile Importers’ Association
said. Excluding Japanese-badged vehicles,
sales rose by a more modest 8J2 per cent
For the fiscal year ended In March, sales
of imported cars slipped 09 percent to 190977
units, with sales of cars with engines over
2,OO0cc 1.4 per emit higher, and those of smaller
vehicles down 39 per cent
The big loser in March was Volkswagen,
which saw a 31 per cent fall in sales doe to
a severing of ties with Yanase, the dominant
retailor of imported cars. Volkswagen,
previously the market leader, finished behind
Honda, BMW and Mercedes-Benz.
Yanase has a new relationship with Opel,
while Volkswagen has an agreement with
Toyota to use its dealer system and the German
company is expanding its own sales network.
Japanese marques, notably
UK-made “transplants" such as
Nissan’s Micra and Primera
models, performed strongly.
Nissan, the biggest Japanese
exporter to Italy, raised its
sales by 90 per cent to 4972,
boosted by demand for the
Micra. Honda and Toyota also
performed well. However, in
spite of the increases. Japanese
models still account for less
than 5 per cent of the Italian
market
Until Last month, Italy had
been partly isolated from the
steep falls in demand seen in
most neighbouring countries.
Analysts attributed the sharp
drop to rising unemployment
and growing worries about the
recession. Buyers may also
have been put off by the gen-
eral climate of political uncer-
tainty, and price rises for some
foreign models caused by the
near 30 per cent decline in the
value of the lira agains the
D-Mark and most other Euro-
pean currencies.
However, many foreign man-
ufacturers have kept price
rises well below the level of the
lira’s devaluation so as to
maintain market share.
Bolivia and Chile sign
tariff-cutting accord
Enrique Silva; integration
By Chris PWllpsbom in La Paz
BOLIVIA and Chile have
signed a tariff-cutting agree-
ment, daring a two-day confer-
ence of Rio Group foreign min-
isters in the eastern Bolivian
city of Santa Cruz.
Under the trade accord, Chile
and Bolivia will abolish tariffs
on 150 goods. Both will contact
private-sector companies to
start studying the feasibility of
a pipeline to export Bolivian
natural gas to northern Chile.
Chilean exports to Bolivia
were worth some f 135m (£95m)
last year, while Bolivian
Sroorte to Chile were worth
sSn. though the La Paz gov-
^entScvesibeaccord
will increase this by ?35m.
The conference called on
President BiH Clinton to con-
tinue the Enterprise for the
Americas Initiative of his pre-
decessor. Mr Enrique Silva
Ciznma, Chilean foreign minis-
ter and conference spokesman,
said freer trade with the US
should not block greater eco-
nomic integration between
Latin American countries.
Venezuela signalled it was
Manila off patents ‘watch list5
By Nancy Dunne
in Washington
AMERICAN trade officials
have removed the Philippines
from the “priority watch list,"
used to bring pressure on gov-
ernments to strengthen laws
protecting copyrights, patents
and trademarks.
Mr Mickey Kantor, US trade
representative, and Mr Riza-
lino Navarro, Philippines secre-
tary of trade and industry,
signed and exchanged letters
on Tuesday which committed
the Philippines to taking vari-
ous steps on intellectual prop-
erty rights. “These commit-
ments, when fully
implemented, will promote
mutual economic growth,” Mr
Kantor said.
Steps to be taken by
the Philippines include:
• Joining the Berne conven-
tion for the protection of liter-
ary and artistic works;
• Submitting legislation to
improve the copyright law;
• Amending laws and regula-
tions to ensure that interna-
tionally accepted standards on
trademarks are implemented;
• Establishing new customs
guidelines.
China unable to keep pace with aviation demand
PASSENGERS on domes-
tic flights in China may
be surprised to discover
they are boarding a Russian
aircraft with a Russian cockpit
and cabin crew.
The reason: the Chinese sim-
ply do not have enough air-
craft and crews of their own to
meet the unprecedented
growth in demand for seats.
Indeed, from its decision to
lease Russian- built Ilyushins
and Tupolevs from the former
Soviet republics to its recent
announcement of purchases of
a dozen Airbases, with options
for 13 more, the aviation busi-
ness in Chhia is booming.
The country's annua]
Increase in air traffic is esti-
mated to be running at about
25 per cent this year - more
than double the 12 per cent of
the peak growth periods in the
US in the 1960s.
"There has not been a single
year since 1984 when growth in
Airlines are having to beg, borrow or barter aircraft, writes Lynne Curry
passenger traffic has. not been
over 20 per cent," said a west-
ern business executive. “Even
in 1988, when there was a dip
for six months (because of the
Tiananmen Square crack-
down), growth was still ova 20
per cent"
With the dramatic increase
in domestic air freight and pas-
senger travel, provinces rushed
to establish their own air fines,
often at the expense of safety
and flight efficiency.
At last count, China had
25-30 airlines. But its safety
record was spotty last year,
with at least four publicly
reported disasters that killed
276 people.
On Tuesday this week two
people on a China Eastern Air-
lines flight to Los Angeles
were killed and more than 150
injured when heavy turbulence
rocked the aircraft
The aircraft was forced to
make an emergency landing at
a US Air Force base in Alaska.
Under the terms of its deals
with the Russians, China’s
state-owned airlines will lease
16 aircraft from the former
Soviet republics.
In an arrangement called a
“wet lease”, the foreign carri-
ers provide the aircraft, pilots,
cabin crews, and ground ser-
vice personnel. The aircraft
involved are Ilyushin 86s and
Tupolev 154s.
The Russians are also selling
or bartering Tupolev 154s.
White the Chinese use them as
a last resort - they use more
fUel and are not as reliable -
but they are much cheaper
than western aircraft.
Even China United Airlines,
a civilian airline operated by
the Chinese Air Force, has
announced it will buy another
Tupolev to add to its fleet of
Tupolevs, Boeings, and Tri-
dents. This is all part of a
move by the Air Force to fur-
ther convert more of its
operations Into more profitable
civilian activities.
As Chinese economic
reforms spread, the country’s
airports and aviation infra-
structure are unable to keep
pace with demand. New air-
ports are being built around
the country and old ones are
being expanded and modern-
ised.
The airline industry Is
undergoing a comprehensive
restructuring. The Civil Avia-
tion Administration of China
(CAAC), which formerly acted
as a kind of super-agency com-
bining the policy-making roles
of the US Federal Aviation
Administration (FAA) and the
management of all Chinese air-
lines, is being dismantled. The
CAAC win now operate more
along the lines of western regu-
latory organisations.
Airlines can now be catego-
rised into three groups. The
first comprises six large state-
owned airlines: Air China,
China Eastern, China North-
ern, China Southern, China
Southwestern, and China
Northwestern.
Ti
these airlines are free to
float bonds and shares,
sign joint ventures, and
create subsidiaries, but tor new
aircraft purchases they still
need central government
approval.
The second group of airlines
includes Xinjiang Air and Yun-
nan Air and a few more speci-
alised airlines which CAAC
headquarters controls directly.
Despite provincial and local
government pressure to be free
of Beijing's directives, CAAC
retains its authority over these
airlines to allocate routes.
The third includes all those
owned by local governments
and other shareholders. Shen-
zhen Airline, for example, is
owned by AirChina, the Peo-
ple's Construction Bank. China
Travel Service of Hong Kong,
and the Shenzhen municipal
government.
To cope with growing pas-
senger demand, western
sources estimate that Chinese
airlines will need to acquire
500 planes over the next
decade, each with a capacity of
more than 100 seats.
So far, Boeing is the front
runner in this market with
about 100 Boeings in service,
which is more than any other
foreign aircraft flown in China.
More are on order.
McDonnell Douglas, which
has a co-production arrange-
ment with the Shanghai Air-
craft Industrial Corporation
that makes MD-82s, has pro-
duced 35 domestically and is
negotiating to produce the
newer MD-90.
But in the newer, more mar-
ket-oriented environment,
McDonnell Douglas faces a
hard time selling its aircraft
Chinese airlines have always
tended to favour Boeings.
But the boom in the coun-
try’s air transportation busi-
ness has also generated prob-
lems, especially those of
safety And CAAC has recently
announced plans to crack
down on the growth in the
number of local airlines.
willing to resume diplomatic
relations with Peru, which
were broken when President
Alberto Fujimori dissolved
Congress last ApriL
Both Peru and Panama were
invited to rejoin the Rio group.
Panama, asked to rejoin as
part of the Central American
delegation, may continue to
seek individual membership.
The Rio Group meeting,
attended by 12 Latin American
and Caribbean foreign minis-
ters, was preparing for an
October meeting of Rio Group
heads of state in Chile.
Virgin to
double size
of its fleet
By Daniel Green
VIRGIN Atlantic Airways, the
UK long-haul airline, has con-
firmed it will double the size of
its fleet by leasing four new
Airbus A340-300 and four
Boeing 747-400 aircraft.
All eight will be leased from
International Lease Financing
Corp, based! in Los Angeles and
part of American International
Group.
Virgin has also taken an
option on a new-generation
Boeing 777 from ILFC and is
negotiating directly with Boe-
ing to acquire up to four 7T7s
for delivery after 1996.
The acquisitions will help
counter criticism of the airline
that its fleet of Boeing 747$ is
too old.
“By the middle of the decade,
our passengers will be flying
one of the world’s youngest
fleets to a growing number of
destinations in the US and fur-
ther afield," said Mr Richard
Branson, Virgin's chairman.
Mr Jean Pierson, Airbus
Industrie's managing director,
said the order was an impor-
tant breakthrough in the UK
airline business. A £4bn order
British Airways had placed
with Boeing in 1991 triggered
an Airbus complaint to the
European Commission.
The first Airbus delivery to
Virgin will be in October, with
the Boeings coming next year.
*
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NEWS: UK
Europe
By Chris Tighe in Newcastle
AN APPLICATION for
permission to build Europe's
biggest windfarm on the west-
em edge of the Kielder forest
m Northumberland, northern
England, was lodged yesterday
with the government by Trigen
Wmdpower, a UK, US and Jap-
anese joint venture.
The proposed £80m windfarm
would comprise more than 250
wind turbines, each 170 feet
high, with the capacity to feed
up to SO megawatts into the
national grid. Power stations of
50 MW or above are the plan-
ning responsibility of the gov-
ernment. rather than local
authorities.
’s biggest windfarm planned
The three square mile site,
believed by TriGen to be the
windiest in England, is at
Humble HS1, 1,500 feet above
s®a level on the southern end
of the Cheviots, 10 wily** north
of Haltwhistle and near the
Scottish border. The remote
site is owned by Forest Enter*
Prise, the Forestry Commis-
sion’s estate managMiw^ arm
and is currently planted with
coniferous trees.
Average output would be 20 -
30 megawatts. The electricity
would be transported by power
lines, supported on poles, eight
miles through the forest to a
substation at the RAFs Spa-
deadam base.
To proceed, the project needs
not only planning permission
but also subsidy under the
British government’s non-fossil
fUel obligation (NFFO) scheme,
which requires electricity com-
panies to buy some energy gen-
erated from renewable sources.
Trigen Wind power intends to
bid for subsidy in the next
NFFO tranche, for which it
expects applications to be
invited in mid- 1993. It hopes to
have the windfarm, which will
take up to 18 months to con-
struct, fully operational by the
end of 1995.
TriGen is a partnership
between E cogen, a UK com-
pany based in Cornwall and
specialising in renewable
energy. Californian-based
SeaWest, the world’s largest
wind energy project developer
and operator and Tomen Cor-
poration, a large Japanese
trading company active in
energy projects. TriGen last
month opened a 103 turbine, 30
megawatt windfarm, currently
Europe's biggest, in Powys,
mid-Wales.
Although the UK is the
windiest part of Europe, it has
not until recently been as
active in windfarm develop-
ment as some Continental
countries. Ecogen was formed
in response to the non-fossil
fuel obligation, to encourage
windfarm development in
England *nd Wales.
The Forestry Commission, .
which has held discussions
with Trigen, said yesterday it
looked favourably on the proj-
ect, although it is still studying
the environmental implica-
tions. Kielder is Europe's larg-
est man-made forest
The selected site is outside
the Northumberland National
Park and does not include any
Sites of Special Scientific Inter-
est “In landscape terms this is
the ideal situation,” said a For-
estry Commission spokesman.
The plan may however
encounter opposition from
environmentalists. On clear
days, the windfarm will be visi-
ble from Hadrian’s WaQ, built
as the northern frontier of the
Roman Empire.
North Sea storm
as winners fall
out with losers
TWO projects announced
by Shell and British
Petroleum in the past
week will inject nearly £2bn
into the North Sea over the
next five years. This is a boost
for the flagging oil sector
which is suffering from persis-
tently low prices.
They are the type of projects
the budget sought to encour-
age through changes to Petro-
leum Revenue Tax. Both stand
to benefit from the changes -
analysts reckon the new PRT
rules have added £l0Qm to the
value of Bp’s Forth field which
it announced last Friday it
would develop.
In addition, the lower PRT
rate will give Shell an incen-
tive to go ahead with plans it
revealed on Tuesday to extend
the Brent field's life.
Both projects were planned
long before the tax changes
and would probably have gone
ahead anyway.
Many companies believe the
full effects of the chancellor’s
changes to PRT will not be evi-
dent for many years. By then,
they argue, exploration will
dwindle and it wiH be too late
to entice it back by changing
the rules again.
The new rules lower the rate
of tax paid on existing fields
The oil sector
is split over
new tax rules
writes Deborah
Hargreaves
from 75 per cent to 50 per
and abolish it for new fields.
They also remove tax relief on
exploration and appraisal work
in the North Sea which will hit
many of the small, indepen-
dent companies hardest.
The Treasury estimate that
the changes will raise £70Qm
over three years has been chal-
lenged by Wood MacKenzie,
the Edinburgh-based industry
analysts, which estimates the
figure will be £115m.
The rhangpg will quadruple
the cost of exploring in the
North Sea, causing an outcry
in the ail industry. They have
also prompted a row between
companies that stand to gain
from the proposals and those
that will lose.
British Petroleum is one of
the winners. Wood MacKenzie
expects the new rules will
improve its cashflow by £412m
or 14 per coot over three years.
Companies such as Amerada
Hess stand to lose the most -
an estimated £83m or 10 per
cent knocked off its cashflow
up to 1996.
The split has made it diffi-
cult for the industry to formu-
late a joint response to the gov-
ernment’s proposals and this
has nnflnnhtpdiy weakened its
case. The Treasury regards
much of the complaint about
the tax changes as special
pleading and sees little justifi-
cation for making changes to
the new rules.
But one issue that has united
the industry is the retrospec-
tive nature of the changes.
Companies applying for acre-
age to drill in the North Sea
must make presentations to
the Department of Trade and
Industry in which they sketch
out their plans for exploration.
As part of this they will agree
to drill a certain number of
wells over a specific period.
Companies are calling either
for a transition period during
which tax relief will still apply
to those commitment wells or
to be released from the obliga-
tions made under previous lic-
ensing rounds. Under the cur-
rent arrangements, if
companies do not drill the
wells to which they are com-
mitted, the DTI can take away
their exploration license.
Britain in brief
Overseas rail
consultancy
sold for £5m
Transmark. British Rail’s
international consultancy
business, has been sold for
about £5m to Hal crow, the
British engineering consul*
tants, as part of fixe privatisa-
tion of BR’s non-core busi-
nesses.
Transmark, which has
worked on more than 200 rail
projects in 30 countries, made
an operating surplus of £l.lm
on a turnover of £10m in its
last financial year.
Hal crow said that Trans-
mark's background in rail
operation and design would
compliment its own engineer-
ing and transportation skills.
After the acquisition Halcrow
will have a staff of more than
2000 generating an annual
turnover of £90m.
It currently operates in 70
countries earning about 80 per
cent of sales overseas.
Salvation Army
fraud report
The Salvation Army, the inter-
national charity, is preparing
to break its silence on the cir-
cumstances surrounding an
alleged £6m fraud by publish-
ing an interim report
The Army has refused to
comment on the alleged fraud
since it surfaced publicly on
February 15 when a writ issued
in the High Court alleged that
Tilen Securities Inc. Mr Stuart
Ford a Birmingham business-
man, and Mr Gamil Naguib
conspired to defraud the Salva-
tion Army of the money.
Since early February, the
Army has maintained that it
had to balance the public’s
right to know the facts with
the need to recover the missing
money.
It was advised by its lawyers
that to make any statements
would jeopardise that recovery.
Now senior officials appear
to be responding to internal
pressure to clarify the sit-
uation.
9
Birt to meet
all BBC staff
Mr John Birt, the director gen-
eral of the BBC, is pushing
ahead with an ambitious and
costly scheme to invite all
23,000 staff to one-day discus-
sion sessions about the fixture
of the corporation.
Staff will come from BBC
offices all over the HE to ses-
sions to in London. Critics will
see fixe move as an attempt to
indoctrinate staff with Mr
Birt’s radical ideas for the
future of the corporation.
Mr Birt, who holds one of
the key positions in the Brit-
ish media, has been under
attack over his salary arrange-
ments with the BBC.
BR to talk to
strike unions
British Rail is holding separate
tallrq today with the two main
rail unions in a bid to prevent
a second 24 hour strike on the
network due to take place next
Friday. BR said last night that
it could not afford any more
damaging disruption on the
railway network. Last Friday's
stoppage cost BR £10m in lost
business.
Today’s meetings followed
the announcement by ASLEF,
the train drivers union, that it
intends to join the 24 hour
stoppage already planned by
the main rail union the RMT in
protest at the threat of com-
pulsory redundancies.
A spokesman for RMT said
last night that bis union was
going into talks with the inten-
tion of “negotiating positively
and constructively”.
Patten in
UK politics
Mr Chris Patten, Hnnp Kong
governor and former Conser-
vative party chairman, said
Britain had to, “play to its
strengths" and concentrate on
promoting higher value added
industries - including finan-
cial and other services.
Be said he did not want to
“downgrade manufacturing”,
but, “no one should want peo-
ple in Enrope or North Amer-
ica to be locked into tough
manual or repetitive jobs,” he
said.
In a rare intervention into
British political debate since
his appointment to a Hong
Kong a year ago, Mr Patten
warned that the “comparative
advantages” of western indus-
trialised economies will tend
in the future to be man-made.
Mr Patten added: “Bong
Kong demonstrates this argu-
ment very clearly. In five
years we have lost a third of
our manufacturing jobs
because of competition from
China. But we still have full
employment Our businessmen
dis-invest while still ahead
and re-invest in new ven-
tures."
10,000 to stand
in local polls
More than 10,000 candidates
are standing for the May 6
county council polls in
England and Wales in the first
extensive voting test since lost
April’s general election.
Tories are in the lead on the
current representation figures
for England's 3,005 county
council seats, with 1.421 to
Labour's 911 and Liberal Demo-
crats’ 457. There are also at
present 93 independents, six
Social Democrats, three resi-
dents’ representatives and 1-1
others.
But Labour leads in the 504
in Wales, with 283 to 38 Tories.
23 Liberal Democrats. 27 Plaid
Cymru, two residents, 129 inde-
pendents and two others.
Employee share
schemes ‘thrive’
A significant increase in the
number of employee share
schemes over the past decade
has helped improve workers’
attitudes towards work,
although they might not be
working any harder, according
to a report in today’s Employ-
ment Gazette, the journal of
the Department of Employ-
ment
George Walker
The High Court reserved judg-
ment yesterday on the bid by
creditors of Mr George Walker
to have the former chief execu-
tive of Brent Walker declared
bankrupt
The creditors are claiming
Mr Walker has breached the
terms of the voluntary agree-
ment he reached with them
last September to repay debts
approaching £l80m. Judgment
will not now be given until
April 20 at the earliest
Our Supervisors
To nOJVE A I BKk nu.w tT I-UTUMJ*; Canon's cask, shabing pHiLOSOfm. oJNrkn:
Cmxk Eua.™ N.V.. P.O. Box 2262, 1 180 EG Avstyiveen. The NnwEMjWK.
We care more about the environment than sales
charts. After all, without a clean, healthy world,
there’s no future for our business. Which is why
the products we produce
TODAY FAR EXCEED OFFICIAL
ENVIRONMENTAL STANDARDS.
It’s a SELFISH ATTITUDE we’d,
LIKE TO SEE OTHER COMPANIES
COPY. By JOINING US IN PROVIDING
CLEANER MANUFACTURING
processes. Following our
ACTIVE INVOLVEMENT IN
RECYCLING. AND MATCHING
OUR DEVELOPMENT OF NEW
TECHNOLOGIES THAT ARE
ECOLOGY-RELATED, SUCH AS
SOLAR POWER. LET’S COMPETE
FOR A CLEANER ENVIRONMENT.
It’s too late to save what’s
lost. But we can still
PROTECT WHAT’S LEFT.
So, TOGETHER, LET’S CARE.
HIVING >HAF£ TO SiV IPtA>
nr — u,,,mAY APRIL
NEWS: UK
Young face
rising costs of
caring for old
By Alan Pike,
Social Affairs Correspondent
THE FINANCIAL pressures of
an increasingly elderly popula-
tion could cause conflict
between the generations, the
final report of a study of the
lives and needs of older people
warns today.
The number of pensioners
will peak around 2030, impos-
ing heavy costs on people of
working age, according to the
report. It says the continuation
of present trends towards ear-
lier retirement will exacerbate
the problem, and the best way
to ease it would be for more
older people to take paid work.
The report is the culmina-
tion of a series of studies into
the third age - defined as
between 50 and 74 - financed
by the Carnegie UK Trust and
conducted by a range of
research organisations. The
findings will be used to launch
a public debate about third-age
issues later this mouth.
By 2031, says the report,
Britain will have 46 pensioners
for every 100 people of working
age compared with the present
figure of 30. While it was
understandable that younger
people were given priority for
jobs at times of high unem-
ployment. it was “in the inter-
ests of everyone that older peo-
ple were enabled and encour-
aged to work".
The report calls for older
people to receive better access
to training and skilled paid
work. Age discrimination
should be eliminated where
possible. "Training, both on
the job and for the unem-
ployed, needs to be substan-
tially increased so that ovet-SOs
can be given as much access to
it as younger people."
Third-agers' potential could
be achieved only when lifelong
education, training and access
to information were the norm.
Britain, says the report, is “a
long way from achieving this".
ft calls for a new indepen-
dent body to monitor third-age
issues at national level, and
urges the government to
address the future of the state
retirement pension.
The present policy of increas-
ing the basic pension in line
with prices rather than earn-
ings is gradually eroding its
role in maintaining living stan-
dards of pensioners, says the
report. “The basic state pen-
sion is enormously expensive
because it goes to nearly every-
one, and if its costs were
reduced it would be possible to
spend more on means-tested
support for the poorest"
The first 12 iminths - election victory to Maastricht defeat
•Apr®
<9 Wte8 etoctfem with » seat
majority *
"The country looked a labour
government In the eye and
decided that Tt was not after a*
Time Mr A Chengs' seys Peter
Jenkins, die tote poStfcaf
commentator . ■ ■
"Wa ham won tonigit a
magnificent victory, a victory
many pwaptj thought beyond
ou- grasp," says-Maiw
*ta» •
0 Beat Conservative local
rtectfcw resute tor 13 yearns to
England end Wafcs. Tories
. control of 1Z& cquocQs
• Etto Summit
■ NanawBrJtfsMaWto
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and fooq term, people «B took
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.conference of
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• Mining Ckwuree u-tum-
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review of 21 of 31 pits under
threat
. I’m iustflsttjna.wed to. being,
more popular than John
Major." Bays Arthur ScargB
•What haa happened & a
devetapment of what was in
the gawamment's rntnCL Wfe
ham to Beten to whsx people
sayr says Mfejor •
• Bdsnhuflh Conference f .-
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• Matrix Church® Inquiry
John Major challenged over
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defend .procurement . . ..
spokesman
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• Maastricht debate
Mdre ttren40 Tory. t/PstevcR.
' ori
Mhastrkdrt treaty
deiyk« Majors sw»« tor party
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One year ago tomorrow, John Major s^seier«y2ne tat torerff b^^Siing the general elation. i.
victoiy, was short-lived and he begins the second year of his term as a deeply unpopular pofrOical leader who the
The past twelve months have to. hijacked by internal party differences over Europe, by tee detede to th^
exchange rate mechanism and by a continuing, deep recession which has disappointed and alienated favour of the^manufacturms
busineJ community. Many industrialists are pleased that Major is now attempting to reshape economic strategy in favour of the manufacturing
base and its associated skills. But the jury is still out on whether the rhetoric will give way to effective action. ,
Lloyd’s to underwrite more export insurance Patten to review school tests
By Richard Lapper
INSURERS at Lloyd's of
London are to increase their
involvement in the export
credit insurance market, fol-
lowing the relaxation of
restrictions imposed in the
1920s.
Competition In the market,
which has been dominated by
insurance companies, is expec-
ted to increase as a result of
the move.
Lloyd's syndicates have been
allowed to underwrite the risk
of publicly-owned companies
failing to pay exporters for
goods received, but had been
excluded from the mainstream
private sector market.
Hiscox syndicate 33 has been
given permission to lead a
Lloyd's facility which can
receive up to £20m in premi-
ums a year. Its underwriter Mr
Geoffrey Lynch said: "l was
allowed to cover possible
default by a South American
state-owned oil company but
not that of likes of Exxon. It
just didn't make sense for
Lloyd’s to turn its hack on the
market"
Mr Charles Berry, of brokers
Berry Palmer & Lyle, said that
the restriction, imposed follow-
ing heavy losses by a Lloyd’s
underwriter who insured finan-
cial guarantees, was outdated.
“The outside world recognises
that trade credit risks are
lower than some of the risks
that syndicates are allowed to
underwrite."
The facility will be carefully
controlled to limit risk to
Names - the individuals whose
assets support Lloyd's - with
no syndicate allowed to receive
more than 2 per cent of its
premium income from the
facility.
Mr Nigel Bovingdon, of
Credit Insurance Association, a
Hogg group subsidiary which
brakes about 25 per cent of Uk
export credit risks, said that
Lloyd's was “breaking the
mould” by opening the facility.
He said Lloyd's would provide
extra competition for Trade
fndemnity and the Dutch-
owned NCM, which currently
dominate the market
Lloyd's could also benefit
from increased demand for
export credit cover in France
and Germany, where CIA has
recently opened offices.
Meanwhile the Lloyd's lead-
ers met yesterday to continue
work on the business plan,
which could be presented to
the council, the insurance mar-
ket's ruling body, as early as
next week. The plan will out-
line reforms designed to
restore prosperity to the belea-
gured market, where losses
over the past five years are
expected to exceed £5bn.
The Society of Names, one of
a number of groups represent-
ing loss-making Names, wrote
to its members last week
detailing a number of the mea-
sures which It believes the
plan will advocate. Among
these are moves to transfer
“long tail" liabilities - those
on which claims emerge many
years after the original incep-
tion of the policy - to a new
centralised “run-off” company.
A LAST-DITCH attempt to
quell the threatened boycott by
teachers of compulsory school
tests was launched yesterday
by Mr John Patten, education
secretary, who announced an
urgent review of the national
curriculum and school testing,
writes Gillian Tett
Speaking at a conference of
the Association of Teachers
and Lecturers in Cardiff, he
said that though “testing is
here to stay”, the national cur-
riculum, together with'its tests
for seven. 11 and 14 year olds
could be greatly simplified.
But with his proposals draw-
ing a lukewarm response from
teachers' unions, and Mr Pat-
ten coming under growing crit-
icism from both inside and out-
side his party, the move seems
to have done little to defuse
the growing political crisis he
faces over the issue.
Mrs Ann Taylor, Labour
“shadow” education secretary,
condemned his proposals.
Insisting that he was making
“guinea pigs of our children.
Either Mr Patten has failed to
understand how serious the sit-
uation is or he is making a
cynical and vain attempt to
divert people's attention.”
Mr Hugh Dykes, a conserva-
tive MP and outspoken critic of
school tests, described Mr Pat-
ten's announcement as inade-
quate. “I cannot understand
why he is flying in the face of
sensible protest from so many
moderate people.”
Two out of three of the larg-
est toaehing unions now seem
set to boycott the compulsory
English and technology tests
for 14-year-olds, which are
planned in England and Wales
this summer.
NASUWT, the second largest
teachers' union, which has
already announced a boycott,
said it would continue its
action in spite of Mr Patten’s
announcement.
INVITATION TO TENDER FOR THE HIGHEST BID
for the Purchase of the Assets of 'BARCO S.A., TEXTILE INDUSTRIES”,
of Athens, Greece.
"ETHNIKi KEPHALEOU S. A. Administration of Assets and Liabilities of 1, Skoulcniou Street, Athens, Greece, in its capacity as
Liquidator of "BARCO SA., TEXTILE INDUSTRIES", a company having its registered office in Metamorphossi, Athens, Greece
(the "Company"), which is presently under the status of special liquidation according to the provisions of article 46a of Law 1892/1990
(as supplemented by article 14 of Law 2000/1991,
announces a call for tenders
for the highest bid by submission of scaled binding offers for the purchase by public auction (the "Auction") of the assets of the
Company, as a single whole. .
BRIEF INFORMATION: The Company was founded in 1956 and was in operation until 1981, when it was declared bankrupt. In
1988 it was brought back into operation, while in 1990 it was declared bankrupt for a second time. The Company's activities included
the production, marketing and exporting of textiles. Assets include a factory, consisting of three buildings, with a total area of 34,115
m1, standing on a plot of Jand of 19,062 m\ machinery and mechanical equipment
OFFERING MEMORANDUM-FURTHER INFORMATION: Interested parties may obtain on Offering Memorandum in respect
of the Company and the assets thereof and any further information, upon execution of a confidentiality agreement
TERMS AND CONDITIONS OF THE AUCTION
1. The Auction shall take place in accordance with the provisions of article 46a of Law 1892/1990, the terms and conditions set forth
herein and the "Terms and Conditions of Sale" contained in the Offering Memorandum. Such provisions and other terms and
conditions shall apply irrespective of whether they are mentioned herein or not. Submission of binding offers shall mean
acceptance of such provisions and other terms and conditions. Submission of offers in favour of third parties to be appointed at a
later stage shall be accepted under the condition that express mention is made in this respect upon the submission and that the
offeror shall give a personal guarantee in favour of such third party.
2. BlmUngflflsra For the participation in the Auction interested patties are hereby invited to submit binding offers, not later than the
3rd May 1993, 11.00 hours, to the Athens Notary Public Mr Evangclos KaryofyUis, address: 7 Kratinon SL, Athens, Tel: +30-L-
321.6741 or 324.3393.
Offers should also expressly state the detailed terms of payment ^in cash or in instalments, mentioning the number of installments,
the dates thereof and the proposed annual interest rate). In the event of no determination of a) the way of payment, or b) whether
the instalments bear interest and c) the interest rate, then it shall be deemed that a) the offered price is payable immediately in cash,
b) the instalments shall bear no interest and c) the interest rate shall be the legal rate from time to time in force (presently 37%
yearly).
Binding offers submitted later than the prescribed time limit, as referred to hereinabove, shall neither be accepted nor considered.
The offers shall be binding until the adjudication.
Letter-? .of QmirBJttti Binding offers must be accompanied by letters of guarantee, for an amount of dis two hundred million
(200,000,000), issued, in accordance with the draft form of letter of guarantee contained in the Offering Memorandum, by a bank
legally operating in Greece, to be valid until the adjudication. Letters of guarantee shall be returned after the adjudication. In the
event of non-compliancc with the provisions and other terms and conditions referred to in paragraph l hereof, the letters of
guarantee shall be forfeited as a penalty.
4. SnbffiUSstang; Binding offers together with the letters of guarantee shall be submitted in sealed envelopes.
Submissions shall be made in person or through a duly authorised agent
5. Envelopes containing the binding offers shall be unsealed by the above mentioned Notary Public in his office, on the 3rd May 1993
aL.V3.jy)_hours.,Any party having duly submitted a binding offer shall be entitled to attend and sign the deed attesting the unsealing
of (he binding offers.
6. As highest bidder shall considered the participant whose offer will be judged, by the 51% of the Company's creditors (the
Creditors"), in their absolute discretion, upon suggestion of the liquidator, to be in the best interests of all of the creditors of the
Company. Mention is made that for the purposes of evaluating an offer proposed to be paid in instalments, the present value thereof
, shal1 bc talcun in,° 303041111 which shall be calculated on the basis of a discount interest at an annual rale of 28% compounded
quarterly or yearly.
7. The liquidator shall give written notice to the highest bidder to appear on the date and place mentioned therein and execute the
contract ol sale in accordance with the terms contained in his binding offer and/or any other improved terms which may be
suggested by the Creditors and agreed upon. Adjudication shall bc deemed to tala: effect upon execution of the contract of sale.
S. All costs and expenses of any nature in respect to ihe participation and the transfer of the asset offered hereby for sale shall be
exclusively borne by the participants and the purchaser respectively.
9. The liquidator and the Creditors shall have no liability nor obligation whatsoever towards the participants in relation to the
evaluation of the offers or the appointment of the highest bidder or any decision to repeat or cancel the Auction or any decision
whatsoever in connection with the proceedings and the making of the Auction. The liquidator and the notary shall have no liability
for any legal or actual defects of the assets. Submission of binding offers shall not create any right for adjudication nor shall the
participants acquire any right, power or claim from this invitation and/or their participation in the Auction against the liquidator
and/or the Creditors for any reason whatsoever.
10. This invitation has been drafted in Greek and translated into English. In any event the Greek version shall prevail.
For obtaining the Offering Memorandum and for any further information please apply to the Liquidator ETHNIKI KEPHALEOU
S.A. Administration of Assets and Liabilities " address: l Skoulcniou Street, 105 6 1 Athens, Greece tel: + 30-1- 323 .1484, Fax:
+30-1-321.7905 (atln. Mm Marika Frangakij.
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IP ALL the words
written on innova-
tion in the past few
yeare were trans-
lated into perfor-
mance. Britain
would have one of
the most successful
economies in the world. Innovation
has been the subject Of numerous
seminars, speeches and publica-
with industry exhorted to
shake itself up and develop the
ideas, products and strategies
needed to come out ahead in inter-
national markets.
There is no doubt the UK has
plenty of corporate winners, espe-
cially in sectors such as pharmaceu-
ticals, retailing and some parts of
manufacturing - aerospace, elec-
tronics and engineering. But the
country also seems to have more
than its lair share of plodders and
losers. Innovation and competitive-
ness are hard to measure, but the
UK does poorly in world league
tables by most statistical yard-
sticks.
While that much is indisputable,
there is a good deal of disagreement
about the causes of this lagging per-
formance and possible ways to put
it right. Industrialists, academics
and economists generally agree,
however, that the process of innova-
tion is hard to define. Nor are there
any easy models for innovation-
hungry companies to follow.
Must having innovative technol-
ogy is not enough to claim true
innovation Akio Morita, chairman
of Sony, the Japanese electronics
concern, said in a lecture to The
Royal Society. Also required is cre-
ativity in both product planning
and marketing. “Innovative man,
agement demands that all phases of
the operation be seen as links in a
single chain of innovation.”
Scientific endeavour is clearly an
important element in most innova-
tion, but it is by no means the only
or dominant factor. Howard Newby,
chairman of the Economic and
Social Research Council, says:
“Innovation does not automatically
spring Grom scientific invention and
go on inevitably to produce a com-
petitive edge for companies.'1
Josef Schumpeter, the Austrian-
born economist, described three
phases of technological change:
invention, or the discovery of new
.ideas and methods; innovation,
which means making these com-
mercially useful; and diffusion, the
spreading of the resulting products
and processes to available markets.
Economic study has shown that
more than 80 per cent of US produc-
tivity growth in the first half of this
century stemmed from technologi-
cal innovation.
In Britain today, the economy suf-
fers from the lack of a strong tech-
nological base, according to Paul
Stoneman, a professor at Warwick
Andrew Fisher ends a series on innovation by asking
why Britain’s performance lags behind other countries
From inspiration
to bestseller
Corporate R&D
.. ,J9at .85 flp
Japan
■ &UQK OECO. UKCabfnotOfflc*
1381 .86 90
Germany .
1981 85 90
France
1987 95 90
UK.
1.991 95 . 90
Kay.
Business School. “Unless the UK
invests more heavily in new tech-
nology, it will not be able to gener-
ate the extra productivity and new
products that it needs to compete
successfully in international mar-
kets and will continue its relative
decline.”
Corporate research and devel-
opment declined in Britain
as a percentage of gross
domestic product in the 1980s, but
rose in Germany, Japan, the US and
France. ICI, Britain’s top spender on
research and development, is 35th
in world terms, with Glaxo, the sec-
ond biggest UK R&D spender, in
49th place.
In Stoneman's opinion, the UK's
relatively poor performance results
from the government’s short-term
policies of demand stimulation and
use of interest rates as a policy
weapon - both leading to economic
volatility - the short-term view
taken on capital markets, the short-
age of skilled workers and over-reli-
ance by the government on market
forces.
Recently, the government has
tried to become more supportive of
industry. Stoneman believes the
forthcoming White Paper on Sci-
ence and Technology “could revolu-
tionise policy towards the stimula-
tion of Britain's technological
base".
Even if this does occur, the need
to manage and control ideas and
invention will remain a priority.
Companies which blaze new scien-
tific and technological trails do not
always succeed commercially. One
of several telling examples cited by
John Kay. professor of economics at
the London Business School, is EML
the British company which pio-
neered the CAT scanner in medical
technology, but then ran into finan-
cial troubles.
Philips, the Dutch electronics
group, has developed original prod-
ucts such as the audio cassette and
the compact disc. Today, its
finances are in disarray. In his new
book, Foundations of Corporate
Success, Kay makes the point that
innovation needs to be accompanied
by other types of competence such
as management, marketing and
organisational strength and flexibil-
ity- Also, technology can be copied.
“Innovation is, by its very nature,
costly and uncertain,” he writes. It
is also hard to managp, Kay warns
against putting too much faith in
technology at the expense of other
skills. “A common business miwtafcp
is to believe that innovation can
compensate for competitive disad-
vantages in other areas. Such a
strategy is almost never effective."
Reputation is important in per-
suading people to buy inno-
vative products, Kay adds.
“Customers will buy untried Sony
products because of the strength of
Sony's innovative record.” Interest-
ingly, Morita uses the example of
the Walkman portable cassette
player to show that successful prod-
ucts do not have to be technologi-
cally advanced, even in electronics.
"Frankly, it did not contain any
breakthrough technology. Its suc-
cess was based on product planning
and marketing."
It is this emphasis on the market-
ability of innovative products,
backed up by management and
other skills, that the Department of
Industry, the Confederation of Brit-
ish Industry, the ESRC (indepen-
dent, but government-backed) and
other innovation-minded organisa-
tions are keen to promote in
Britain. The DTI and CBI have
begun a programme which seeks to
tell companies how best to change
their ways; a study last year found
only one- tenth of UK concerns were
truly innovative, though half
showed some of the right elements.
“One of the problems we have is
overcoming inertia," comments Joe
Carr, one of five industrialists sec-
onded to the DTFs innovation unit
- in his case from TI Group. “We’ve
got to catch the hearts and minds of
chief executives.” He believes UK
companies should be more open tn
the way they exchange and share
technology and ideas and also be
more willing to enter into alliances
with other companies to enhance
product and market strength.
Communication, both inside com-
panies and outride to investors, sup-
pliers and consumers, is widely
seen as essential to successful inno-
vation. Richard Scase, professor of
organisational behaviour at Kent
University, thinks UK companies -
especially in manufacturing - often
fall down badly here. “People in the
manufacturing process often don’t
see innovation as part of their
responsibility and concentrate on
production only.” Many R&D
departments also operate tn partial
isolation from the rest of the com-
pany - “the traditional argument is
that boffins must be kept away
from the coal face”.
In the view of John Fisher, tech-
nical director at FA Consulting
Group, many companies - not just
in the UK - do not use their R&D
talents properly. “They've got cup-
boards full of ideas that no one
appreciates,” he says. “It's not so
much a question of spending more
or less on R&D, it’s one of maxim-
ising effectiveness.”
Yet that is easier said than done.
“It can be very difficult to know if
yon have a winner or not," says Ian
Harvey, chief executive of British
Technology Group, which licenses
products around the world. It was
10 years before magnetic resonance
imaging, the latest-generation body
scanner developed from academic
research, became successful in the
medical equipment market
Innovation requires vision, cour-
age and persistence as well as tech-
nological and management exper-
tise. Failures are inevitable in the
drive to find whining products, but
that is part of the price for seeking
to turn inspiration into success in
the world market place.
Desperately
seeking an angel
For innovators who have
made their products
attractive enough for the
market and want to expand, the
search for funds can be
frustrating. Enter the “business
angel”, a successful entrepreneur
who is probably over 88,
comfortably off rather than
super-rich and dislikes publicity.
Angels are keen to use their
money to help young enterprises
which find it hard to raise money
elsewhere. With venture capital
difficult to attract and the UK
government’s Business Expansion
Scheme diverted into such
non-productive areas as property,
angels are eagerly sought out.
Business angels - the
commercial equivalent of the
Broadway angels in the New York
theatrical world - wore first
Identified and defined In the US,
but dearly have a role to play
wherever budding entrepreneurs
look for capital.
The problem is they are hard
to find. Thus matting the two
sides is not easy. Angels tend
to invest near where they live
or operate and often in sectors
they know something about
“They know what they don’t want
to invest in. but otherwise they
are fairly open,” says Colin
Mason, senior lecturer in
economic geography at
Southampton University.
Together with Richard
Harrison, management
development professor at Ulster
Business School, Mason has
studied the activities of business
angels in Britain. A recent paper
by the two men suggested the
informal capital pool represented
by angels could total between
£2bn and £4bn, compared with
the £lhn or so a year invested
by institutional venture capital
funds. Thus, they concluded:
“Business angels would appear
to represent a significant and
under-utilised source of finance
for small business in the UK.”
While they generally invest
between £10,000 apd £30,000 in
a business, a minority wOl put
tn more than £50,000. British
angels tend to invest alone, while
many US angels work in
syndicates headed by an
“archangel”.
While angels may get a kick
out of their investments. Mason
stresses: “They are not
philanthropists. They want a
financial return." Other factors
do play a secondary role, though.
“Sometimes, they may act partly
out of social obligation or
altruism - this is more common
in the US - but the fun factor
does come through.”
In the UK, around IS per cent
of angels' investments are
directed towards high-technology
areas, far less than in advanced
technology areas in the US such
as California.
Most angels are “hands on"
investors, says Mason. “This
means tin business is getting
more than just money; it is
getting the investor’s skill,
money, knowledge and contacts.”
Those in search of angels' funds
are more likely to find them 1/
they are based in the US. where
their total is put at between SlObn
(£7bn) and $20bn, rather than
in the UK. Venture Capital
Network was set up in 1984 in
the New England states of the
US with business support. It is
now run as an affiliate of the
Massachusetts Institute of
Technology.
Clones of VCN have been set
up In Canada and other parts
of the US, though not all have
been successful. VCN operates
as a computer-matching
information agency and not as
a vetting or recommendation
service. Mason would like to see
a similar operation in the UK,
possibly funded by the
government which has already
launched a pilot scheme.
Also keen for a more efficient
way of introducing angels to
technology ventures is National
Westminster Bank, which will
undertake feasibility studies
aimed at doing this in Oxford
and north-west England, regions
of heavy research and
manufacturing activity. “If this
works,” says Peter Ives, manager
at NatWest's Technology Unit,
“we will do a national database.”
The EC is also looking at ways
of putting European angels in
touch with start-up and early-
stage companies seeking funds.
However, the relationship
between entrepreneurial investors
and young companies is not
always angelic. Sometimes
business angels become
overbearing and disruptive. Then,
they are called “devils".
AF
EXPO’98
INTERNATIONAL CALL FOR TENDERS
FOR THE PROVISION OF
1. NAME AND ADDRESS OF THE
ADJUDICATING ENTITY
PARQUE EXPO'98. S A
Av. Morcchal Gome* da Costa, 37
1800 LISBON -Portugal
Phone: {351 -11 859 28 29/857 1 4 95
fa* (351-1) 8577203
PT 972326693
2. TYPE OF CALL FOR TENDERS
International coll for tenders m respect of
the adjudication of a service contract covering
the provision of Technical Project Management
for the undertaking.
3. LOCATION AND NATURE OF SSI VICES
a) Location
Lisbon. Portugal, eastern district, in ai area
ol approximately 300 hectares, bound ta
the North by the river Trancdo, to the
East by the river Tagus, to the South by
Avenida Monachal Gomes do Costa, and
\ to the West by the Northern Line of the
\ Railways. Within this orea will be the
EXPO'98 enclosure covering 25 hectares.
b) Nature of the i
Provision of services required for the
integrated managenienr of oclivitiei
i 7 ■ i — : ... CYtXTOfl fnmaara-
vwun, ... — . ,
buildings ond other work or supplies) vi
aider to ensure its inauguration on ine
planned date (June 10* 1998) and ant
all the objectives that hove been and will
be set ore achieved in terms of quality,
completion dates and costs.
4, legal standing required FOR
THE BIDDERS
Companies haring legd ewstwce and groups
of companies (even though at the hme of sub-
mitting bids there U
between the campon*) that
Iho. declare the
intention, should they be awarded the contract,
of forming a (muted liability company or a joint
venture in accordance with the provisos of
Decree-Low n-° 231/81. dated July 28*.
5. CONSULTATION AND f*0\nSION OF
THE TENOR DOCUMENTATION
a) The lender documentation may be con-
sulted between 10 ojtl and noon grthe
premises of PARQUE EXPO »“*£"
the date of publication of
men! ta the date and *«"• wheo lhe
lenders are officially open™;
b) The tender documentation may baoc-
1 quired from the premises of PARQUE
EXPO'98; SA, if »
tounSation will be
££! payment of ME 250.00000 1 (two
SSSredondfifty
VAT at the legally
menl shall be
mode payable to PARQUE EXPO’98; bA,
•PROJECT MANAGEMENT SERVICE S"
and shall be submitted together with the
request.
e) On April 22-* 1993, at 3pm, o session will
be held at the premises of PARQUE
EXPO'98. 5A, to provide informotjon
concerning the undertaking. Admission
will be reserved lo candidates.
Candidates ore understood as being
entities in possession ol the receipt of
purchase ol the lender documentation,
ond each condidafo may be represented
by 3 (three) persons.
6. SUBMISSION OF BIDS
a) Bids shall be delivered to the premises
of PARQUE EXPO'98, S.A.. at the
address given in paragraph 1. above,
no loter than 5pm on May 20* 1993,
under penally ol not being admitted.
b) On delivery of their bids, candidates shall
exhibit proof that they have acquired
the tender documentation, proof to con-
sist of the receipt For its payment.
c) The bids shall be drawn up in Portu-
guese, in accordance with the provisos
of the Selection Programme.
7. OPENING OF THE BIDS
a] The bids shall be opened in public at
10am on May 21“ 1993, at the premises
of PARQUE EXPO'98, SA, of the
address given in paragraph 1-
b] Any person may attend the bid-opening
ceremony but only sudi persons, up to a
maximum of three per candidate, as are
property accredited by the oandidafes
may take active part.
8. GUARANTEES REQUIRED
a) The value of the provisional guarantee
is PTE 50,000,000500 (fifty million es-
cudos].
b) The value of the guarantee to be pro-
vided by candidates selected for nego-
tiations is PTE 100.000.000SQO (one
hundred million escudos).
c) The value of the guarantee to be pro-
vided at the time the contract is entered
into shall amount lo 5% of the total
contract value.
d) Guarantees can take the form specified
in the Selection Programme.
e) In setting up the various guarantees, the
previously established guarantees may
be used, after proper reinforcement
revalidation, in accordance with the
provisos of the Selection Programme.
9. TYPE OF CONTRACT
A service contract, lo be invoiced monthly,
based on the time-table presented and on the
resources otfually employed, lo be MtaradmiO
by written agreement between PARQUs
EXPO’98, S A. ine adjudicoling entity, and the
candidate who submits the most advantageous
bid, taking into consideration the adjudication
criteria set forth in paragraph 13.
10. DURATION OF THE PROVISION OF
SBWICES
The period envisaged For the provision of
services is five ond a half years, although this
may be extended or reduced by decision of the
adjudicating entity.
11. TECHNICAL ECONOMIC AND OTHER
REQUIREMENTS
The candidates will be required to provide
declarations and/or documentation, as speci-
fied in the Selection programme, giving evi-
dence ol:
• Technical competence:
• Financial ond economic capacity;
• Fulfilment of their obligations with regard
to 5odal Security contributions; and
■ Fulfilment of their obligations with regard
to payment of taxes to the Portuguese
Slate ond to their State of origin (Corpo-
ration tax and Value Added tax),
1Z VALIDITY OF THE TENDER
Candidates shall maintain tenders valid for
60 (sixty] days, as from the official closing date
of the call for tenders and of the decision ta
accept their bid, without prejudice ta the provi-
sos of the Selection Programme.
13. ADJUDICATION CRITERIA
Assessment of the bids and (he subseauen*
adjudication shall be bored on the most advan-
tageous bid, using criteria that will weigh rite
following Factors, without prejudice to the pro-
visos of me Selection Programme:
• Experience and capacity in carrying sim-
ilar activity in Portugal and abroad in
undertakings of this nature;
• Formation ond curricula of the technical
team;
• Methodology end development pro-
gramme of me services ta be provided;
• Quality, clarify and structure of lhe con-
tents of the bid;
• Proposed information ond control sys-
tems; and
• Price.
14. DATE OF DISPATCH OF THE
ANNOUNCEMENT
This announcement was sent for publication
in the Official Journal of the European Com-
munities on March 30* 1993.
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FINANCIAL TIMES THURSDAY APRIL 8 1993
MANAGEMENT: MARKETING AND ADVERTISING
The wholesalers who distrib-
ute Miller beers in the US
were given an unusual
message at their national
sales convention in Orlando, Flo-
rida, last month. Jack Mac Done ugh.
Miller Brewing's president, told
them that the US's second-biggest
brewer was putting Us muscle
behind the hitherto-competing
brands of Canada's Molson Brew-
eries.
MacDonough encouraged the
wholesalers to do likewise by buy-
ing the Molson distribution rights
for their area. Miller and Molson
had just signed a deal which. If it
works, could become a model far
similar partnerships between other
consumer products companies.
One party, in this case Miller, is
eager to broaden its product range
without the vast expense and risk
of launching a new brand. The
other. Molson, has a promising
product but lacks the resources to
make a significant dent in a large
and unfamiliar foreign market.
“Everybody gets something great
out of this,” enthuses John Carroll,
president of Molson Breweries, the
joint venture formed in 1369
between Canada’s Molson Compa-
nies and Foster's Brewing of Aus-
tralia.
Under tbe deal, which took effect
last week, Miller has bought the US
marketing and distribution rights
for Molson brands, the best-known
of which include Molson Golden,
Molson Canadian and Foster’s.
Miller will pay Molson a royalty
on sales. The Milwaukee-based com-
pany has not Just committed itself
to spending specific amounts of
money to boost Molson sales but is
also contractually bound to achieve
specific sales targets. Both compa-
nies declined to reveal details, other
than to say that the marketing
effort for Molson will be on a par
with that for leading US domestic
brands.
As part of the deal. Miller has
also become a partner in Molson's
operations outside the US. It has
acquired a 20 per cent stake in Mol-
son Breweries, whose brands
account for more than half the
Canadian beer market. The two
companies expect their co-operation
to extend to such areas as purchas-
ing, product development and brew-
ery operations.
Miller, which Is the brewing arm
of Philip Morris, the tobacco, food
and drinks group, has long been
regarded as the least aggressive of
the leading US brewers. But it is
now the only one with a foothold in
all three countries which have
signed the North American Free
Trade Agreement
in its first Investment outside the
US. it acquired a minority stake late
last year in Fomento Economico
Mexlcano (Femsa), one of Mexico's
biggest beverage companies. Mol-
Bernard Simon considers a deal
between Miller Brewing of the US
and Canada's Molson Breweries
Hop across
the border
u its A cocKVhL of MiLLER /WD M0LS0N.1
son's market share in the US is cur-
rently a minuscule 0.8 per cent
But of the 400 imported beers sold
in the US, Molson is second only to
Heineken. Its market share reaches
double digits in such border cities
as Buffalo, New York and consumer
research suggests it enjoys a much
higher awareness among drinkers
than its market share Indicates.
Miller's MacDonough says Molson
is “a terrific brand which has good
growth potential if resources are
put behind it".
Miller and Molson predict that US
beer drinkers will be especially
attracted by Molson's Canadian
roots, which evoke images of a cod,
clean and high-quality product.
“Over the next few years, we plan
to build on the strengths that we’ve
got and to establish those strengths
in other markets," says John Bar-
nett, president of Molson USA,
which is now a subsidiary of Miller.
Molson is encouraged by the early
results of three test campaigns
which it launched last autumn in
the New England states, Denver
and Syracuse. Thanks to new labels
and packaging and lower prices,
Molson says the boost in sales so far
has exceeded its expectations. Some
of the increase appears to have
come at the expense of US domestic
brands.
That raises the question whether
any future gains made by Molson in
the US will eat into the market
share of Miller beers. MacDonough
acknowledges there may be some
fnnnihalism.
“When you expand the growth of
Molson. that growth will come from
domestic brands, more than from
Imports," he says. But with Miller’s
brands accounting for 22 per cent of
the market, he predicts “it will
impact the competition more than it
will impact us”.
The partnership also creates an
awkward situation for Molson,
which has the Canadian licence to
brew Coots, one of Miller’s chief
rivals.
Coots light is among the most
popular light beers in Canada and
Molson is anxious that its deal with
Miller should not jeopardise the
Coors relationship. Miller has
agreed that its representatives will
not take part in any discussions
between Molson and Coors.
Molson been; are already avail-
able across tbe US but, in Barnett's
words, "just being there is not
enough. It can be available because
ifs there, or it can be actively pro-
moted and advertised. In a country
of this size, there’s an enormous
difference between the two”.
Furthermore, he says that Mill-
er's knowledge of the US market-
place will give Molson access to
"significant ethnic markets that we
have never really tried to under-
stand.”
With the Miller clout behind it,
Molson expects that its beers will be
displayed more prominently in
retail outlets, such as the valuable
end-of-aisle spots. It Is also looking
far Molson brands to be featured
more often in retailers’ flyers, and
other promotional material.
Within a day or two of the deal
closing, MacDonough met Lintas,
Molson's US advertising agency, to
discuss Miller's marketing strategy.
Miller salespeople who look after
the accounts of big retail chains
will in future also promote Molson
products.
For the time being, however,
Millar and Molson will continue to
have separate sales teams calling
on wholesale distributors.
The Canadians and Australians
will be well satisfied if their link
with Miller boosts Molson’s share of
tiie US beer market to £5 per cent
over the next five years. That may
seem a modest target, but it would
triple Molson’s present market
share, putting it far ahead of Hein-
eken. its main competitor.
At that level, exports to the US
would also equal half the total
Canadian market The survival of
Molson's breweries in Canada, now
running well below capacity and
facing an inexorable decline In
domestic beer consumption, would
be assured.
Charting the tastes of
China’s consumers
Lynne Curry meets two market researchers
At a time of sweeping social
and economic change. Yuan
Yue and U Kan represent a
new breed of Chinese revolution-
aries.
Both men run organisations
analysing a phenomenon that
barely existed a decade ago - the
growing clout of China's increas-
ingly prosperous consumers.
Yuan Is the assistant president
of China Market Research Insti-
tute. ZJ is the general manager of
Connections Consulting Company.
The two companies are among a
dozen or so market research
groups that have sprang up in the
last year, same based in Beijing,
others working In Urn Shenzhen
Special Economic Zone In Guang-
dong province as partners of Hong
Kong companies. All of than are
geared towards charting tbe tastes
of the new class of consumer pro-
duced by the country’s capitalis-
tic-style economic refrains.
“Market research Is a new con-
cept for Chinese enterprises
because consumers had no choice
under a totally state-run system,*'
said Yuan.
Yuan and Li are at the forefront
of the drive to develop this Indus-
try, carrying out market research
on consumer products ranging
from shampoo to gum to comput-
ers and copiers, and testing the
market for those not yet available
to China.
But with China's increasingly
complex economy, Yuan and Li
have adopted different approaches
towards marketing in the country.
Yuan's China Market Research
Institute uses a variety of western
polling techniques: focus groups,
door-to-door interviews, the tde-
pluHiB and wmlHngs
The Institute's 68 employees
contact between 500 and 3,000
families for each survey, with the
number varying depending on tbe
product and customer preferences.
Li’s company, founded by a
group of Chinese MBA graduates
from the EC-sponsored Bering-
based China European Manage-
ment Institute, has six full-time
employees and conducts Its busi-
ness by interviewing distributors.
The company has dealt almost
exclusively with foreign firms.
To many Chinese, accustomed to
Soviet-style methods of coHectiug
information, this process of data
collection is almost revolutionary.
The consumer response rate to
market surveys is about M per
cent, which Is high compared with
the western equivalent, according
to Yuan. “People think ifs all so
new" Yuan said. “They have
never seen this before and they
think ‘why are you asking meT™
Traditionally, reports sent to
officials and directors have always
told them what they want to bear.
They have never relied on a realis-
tic appraisal of the market or can-
vassing ordinary consumers.
This is still true among many
state-run enterprises. “Domestic
Chinese companies don’t want us
to a«e« tbe market," said Con-
nections’ LL ,
“They want us to write a report
that must be favourable. We gen-
erally avoid working for domestic
companies, ”
‘Market research is
a new concept for
Chinese enterprises
because consumers
had no choice under
a state-run system*
Obtaining accurate market sur-
veys has became more critical as
companies become more profit-ori-
entated. With many enterprises
acquiring goods through unoffi-
cial means (including smuggling)
outside the central distribution
network, the compilation of offi-
cial statistics about the break-
down of market share can be inac-
curate.
For example, a large demand far
photocopiers has led to smuggling
and a much greater market for
these machines than official data
indicate, U
He also noted that official statis-
tics about the Chinese pharmaceu-
tical industry have a high error
rate and do not reflect how foreign
pharmaceutical multi-nationals
have begun to dominate the mar-
ket
Far these reasons, growing num-
bers of private Chinese enter-
prises, collectives and foreign
companies are increasingly turn-
ing to organisations such as
Yuan’s institute and Id's company
to do business. .
Even a few state-run enterprises
are beginning to rely mi western
marketing tools. In a centrally
planned economy, most managers
of state-nm organisations have
never had a need to collect market
data, or even to place advertise-
ments in the official media.
However, as state-run corpora-
tions face tougher competition
from smaller, more efficiently ran
joint ventures and private enter-
prises, that attitude is slowly
changing.
Yuan cites the experience of one
state-owned Chinese leather goods
manufacturer in Beijing. A
bestseller of leather accessories,
the enterprise never knew con-
sumers’ opinions about Its prod-
ucts or even the percentage of
market share its goods occupied in
the domestic market The com-
pany relied upon its sates farce to
Keep it informed about new styles
and trends in China and abroad,
Stm, Yuan believes the future
lies with China’s growing private
sector. His Institute has surveyed
about 1,000 private Chinese entail
prises each with assets worth
about Ynlm (£114,000). Most of
these enterprises are based in the
coastal provinces of gfegjiang,
Shandong, Guangdong and Fujian.
The conclusions he and his col-
leagues reached are revealing:
nearly all of the entrepreneurs
interviewed believe the profits
gained from running their own
businesses are worth tbe risks,
but their greatest wony is still
political uncertainty.
Despite this concern, Yuan, a
law graduate who previously
worked at the Ministry erf Justice,
plans to take advantage of the cur-
rent hospitable economic climate
towards private enterprises by
severing his ties with the institute
and going into the market
research business with three other
investors this year.
If the can-do and risk-taking
approach of men like Yuan and Li
is any indication, they are on the
ground floor of what could be a
booming industry. “In five years’
time, the demand for marketing
will be big,” Li said. “We are
ahead of domestic demand."
PEOPLE
Conway moves to top of DEC from IBM
The search for a replacement to Digital,” he says. “In my which won prime contrac
The search for a replacement
for Geoff Shingles, Britain's
longest servlmi computer bass,
is aver. Digital Equipment, the
US minicomputer maker and
computing services company,
has announced that the top
slot in its UK subsidiary would
be filled by Chris Conway, a
43-year-old battle-hardened
computer industry veteran.
His first task will be to
ensure the company is in
shape for a worldwide reorgan-
isation due for completion by
July 1 this year. Conway seems
to relish the challenge: 1 think
I can bring a sense of urgency
to Digital,” he says. “In my
view there should be less
debate and more impiemanta-
tion."
Strong words tor an execu-
tive steeped for the past 27
years in the corporate culture
of International Business
Machines, a company whose
current troubles are widely
ascribed to a reluctance to take
tough decisions quickly
enough.
Conway’s management
record is impressive, however,
a specialist in the finance
industry and systems Integra-
tion, he led the IBM team
which wan prime contractor
rale on the Royal Navy's Mer-
lin EH1Q1 helicopter.
Born in what was then
Southern Rhodesia, now Zim-
babwe, he has lived In the UK
since 1969 with a spell in Paris
managing IBM's Nordic territo-
ries.
Leaving IBM was an enor-
mous wrench, be says, but Dig-
ital, once Big Blue's arch
enemy, represented “a lifetime
opportunity".
Geoff Shingles stays on as
chairman with a mission to
raise the company profile and
help with sales to government
Finance moves
■ Andrew Kellett is promoted
to md of BANK OF BOSTON
Ltd; he succeeds Peter Roberts
who is returning to Boston
to head BancBoston Ventures.
■ Leslie EQD, formeriy a
director of Merrill Lynch
International Bank, has been
appointed a director of
RECORD TREASURY
MANAGEMENT.
■ David Merrifield and Trevor
Sampson have been appointed
directors of PRIVATE FUND
MANAGERS; they move from
Green well Montagu
Stockbrokers.
■ Mark MacLean, formerly
a direct® of BZW International
Equities, has been appointed
vice-president and director of
YORKTON SECURITIES in
Europe.
■ Cohn Brown, Edward
Stacey, Anthony Watts, and
Vaughan Williams have been
appointed directors of
MORGAN GRENFELL & Co
Ltd. Graham Ramping, Roger
Curtis, Diane
Seymour- WUlianis and
Anthony WUktusou have been
appointed directors of Morgan
Grenfell Asset Management
■ Jeff Warren, director of
finance, has been appointed
finance director and to the
board of BRISTOL AND WEST
BUILDING SOCIETY.
■ lain Reid, formerly head
of research at Richard Kflia,
has been appointed chief
executive of the property
Investment management
division of BZW Asset
Management.
■ Malcohn Wood has been
appointed md of CLIVE
AGENCY BOND BROKING.
■ Richard Horiick and loin
Stewart have been appointed
directors of NEWTON Fund
Managers; and Paul Qffion
and David MacCoflnm, who
moved Cram the United
Friendly Insurance Group,
directors of Newton
■ Paul Bourdon has been
appointed md of GREENWELL
MONTAGU GILT-EDGED on
the retirement of Mike
Higgins, Tim CartmeQ, Ian
Cdlier and Malcom
MacDougall have been
appointed directors.
■ Joseph Rooney, formerly
European equity strategist
with James Capel, has been
appointed a director and
European equity strategist at
LEHMAN BROTHERS
INTERNATIONAL.
■ Geoff Haley, former head of
the construction group at City
solicitors Theodore Goddard,
has Joined rival lawyers, S J
Berwin ft Co,
Haley has more than 20
years' experience in Mg con-
struction projects. He was
legal adviser to the Thames
Barrier Consortium from
1079-1887, led the amsfruetkm
contract negotiations on the
Channel Tunnel for TransUnk
to 1885/88 and has extensive
experience of BuUd/Own/Oper-
ate/Transfer (BOOT) projects
both in the UK and wuridwhte.
He is currently asdstfog the
United Nations Industrial
Development Organisation in
Preparing guidelines for BOOT
projects in developing coun-
tries and recently was
appointed to UNIDO’s govern-
ment advisory unit
Rolls-Royce's Japanophilia
now encompasses Sanders
With the appointment of Keith
Sanders to a senior managerial
role at its Crewe headquarters,
Rolls-Royce Motor Cars should
gain some helpful insights into
what makes Toyota’s Lexus
luxury car franchise tick.
Lexns cars may be a rang or
two down the prestige - to say
nothing of price - ladder from
Rolls-Royces and Bentleys. But
they have gained an envied
reputation for quality and reli-
ability since Toyota launched
the brand in the late 1980s,
and wreaked considerable
mage to the sales of Euro-
pean makes like Mercedes and
Jaguar in world car markets.
Coming to Rolls, where he
is been appointed director of
UK operations, from his previ-
ous post as field operations
director at Toyota (Great
Britain), Sanders, 48, has had
a warts-and-al! view of the
debut of what Is probably the
most luxurious model in the
range of Japanese cars In the
UK marketplace.
Boils-Rayce’a Interest In tbe
subject has been stirred by the
big quality and productivity
gains It is achieving from
what it describes as a manu-
facturing “revolution" at
Crewe, where tn the past 18
months there has been a
wholesale adoption of Japa-
neses tyle practices. Break-
even has been more than
halved to 1,400 cars a year In
around 24 hmwMw,
Sanders, who has also
worked for Ford and Nissan,
will be responsible for all
Rolls' sates-related activities
to tbe UK. He is taking over
from Bernard Preston, who is
appointed quality director.
Former Ford executive Nick
has landed a bigger job
than he perhaps bargained for
when he first joined Aston
Martin Lagmda in last August
That was as operations direc-
tor. Now he has been made
managing director at a lime
when the luxury sports car-
maker, owned by Ford dnmi
l »7, is poised for one of the
teggest expansionary leaps in
its 70-year history.
The company is cranking up
to quadruple production to 800
cars a year in 199S, by means
of a new “cheap” Asian, the
DB7, destined to sell for the
paltry sum - by Aston stan-
dards - of less than £80,000.
Past models have mostly
heeu designed, developed and
built at Newport Pagnell,
Buckinghamshire, and the
more expensive models win
continue to be built there. But
the DB7 will be produced at a
separate factory being
equipped at Bloxham, Qwon.
with the main design and
development undertaken in
Kidllagton, Oxon, by TWR
(Design), part of Tom Walktn-
shaWs TWR group.
Not only will Fry have
day-to-day supervision of this
three-ring production “circus",
he Is also charged with new
Product planning and oversee-
ing the expansion of Aston
Martin’s worldwide sales and
Service organisation which Is a
necessary accompaniment to
the arrival of the DB7,
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financial times Thursday
APR.IL S 1993
ARTS
>3
piky. Arkansas, and
Rustwater, Kansas, are
both small towns near
the middle of America.
But look closely - is there i
big difference? Exactly^ One is
in Jim Thompson country the
other Is in Sinclair Lewis coun-
try.
Star City is the small town
a? J™®1 spittoon. In the irre-
sistibly gnmy, downbeat thril-
ler One False Move - scripted
by Billy Bob Thornton and
Tom Epperson but surely
ghost-dictated by that master
of elevated pulp j. Thompson -
the town plays host to fugitive
gangsters, dimwitted lawmen
and a climactic carnage that
Aeschylus would be proud ot
(/p the road a little - go
north and bend left - is Rust-
water in wheat belt Kansas. For
displaced urban crime read
agriculture under stress. There
is a drought here and the
farms are dying; and If one pas-
toral crisis is not enough, here
comes another. Revivalist
preacher Jonas Nightengale
(Stevie Martin), comedy-cloned
by screenwriter Janus Cercone
from Sinclair Lewis's Elmer
Gantry, passes through town
with his all-singing, all-praying
tent show. Hie gives the rain-
starved fanners hope; he rais-
eth the lame and sick (the lan-
guage is catching); he thumps
his Bible; and he is a frightful,
pearly- teethed fraud made win-
ning by the charismatic Mr
Martin.
When fUms venture outside
Los Angeles they usually end
up in Cutesvflle, USA. See ST,
Back To The Future and Co. To
Hollywood any place without
smog, foxes and power break-
lasts must seem strange and
innocent Bui One False Move,
by a mile the better of the
week's rural twosome, makes a
rich dark joke of this (faux)-
naivete. At the centre: a young
Southern sheriff (Bill Paxton)
intent on proving his mettle to
two visiting lawmen (one
white, one black) from Los
Angeles. All the Angelenos
want to do is to round up a
pair of cocaine-dealing killers
(also one black, one white) who
massacred a roomful of people
back in LA and then fled with
their guns, their drugs and
Cinema /Nigel Andrews
Small- town tales
High-sleaze evangelism; Steve Martin dances into town peddling dubious miracles in 'Leap of Faith’
their girl (Cynthia Williams).
Will they come to ground in
the girl’s borne town of Star
City, Ark.?
Not yet. First the movie,
directed with sizzling grace by
ex-actor Carl Franklin, travels
all over the south-western
states as the getaway trio
make for Houston (to sell their
drugs) before being harried by
police pursuit into doubling
back north for Arkansas. Back
here the film's other character
grouping has been in mocking
parallel action. For two Mack/
white crooks with a brown-
skinned girl read two black/
white city cops with a redneck
sheriff.
The racial patch-quilting,
though teasingly displayed, is
never deployed for facile ten-
sion. Indeed Southern values
are almost respected for their
loony matter-of-factness. Pax-
ton's pinbrained lawman is a
creation so ridiculous it is sub-
lime. He boasts, he bumbles,
he preens. And he obliviously
throws out the word “nigger”
white his black colleague pre-
tends polite deafhess. Even the
sheriffs wife shakes her head
at his intellect, while simulta-
neously advertising her own.
(“He watches TV, I read non-
fiction”.) And when her man
goes off to do what a man's
gotta do, the film moves into a
High Noon climax re-staged -
brilliantly - as nihilist Sure.
One Folse Move is a rural
tragicomedy with the deadly
grace of a sidewinder. Leap 0/
Faith is more tike a stoned
python. It folds itself round its
subject's neck, makes some
promising hissing noises - and
then foils asleep on the job. We
love the sight of Martin danc-
ing into town with his big-band
show of dubious miracles;
orchestrated by Debra Winger
at the backstage computer,
feeding audience information
into Martin’s on-stage earpiece.
"Man in white shirt, hard of
hearing", “Woman in pink
with arthritis”. Then the slap
ping-on of hands, the custom-
er’s fointing fall, the lordy-
lordy paroxysms of ersatz joy.
Unfortunately, something
else in the movie soon reveals
itself as ersatz. It is the sub-
plot. Make that two subplots:
for while Winger romances the
improbably saintly town sher-
iff Liam Nee son - so hand-
some, so gentle, so liberal (no
redneckery in this burg) - Mar-
tin makes a play for diner wait-
ress Lolita Davidovitch. She
has a crippled, chess-playing
little brother (Lukas Haas of
Witness) who will surely, if
niff Eidelman’s music has not
done the job by then, end by
melting his and our hearts.
Can a real miracle happen?
Yes indeed. For lo, the cinema
exit doors finally open before
we have ah passed out with
terminal queasiness. Director
Richard Pearce (Heartland, No
Menu) delivers the razzle-daz-
zle in the revivalist set pieces,
with Martin exploding all over
stage. But no star-director
team can keep their anti-twad-
dle guns firing in the face of
both the appointed target ~
high-sleaze evangelism - and a
whole lot of late, unscheduled
fire from Hollywood inspira-
tionalism.
*
You cannot escape small-town
life even, or especially, in Swe-
den. Sven Nykvist's The Ox is
about pastoral bigotry and bru-
tatism. A terrible fote befalls
Helge Roos (Stellan Skarsgard)
when he kills a neighbour’s ox
to feed himself and his family
during Sweden's 1860s famine.
Flogged and life-sentenced to
hard labour, he is then
betrayed by his starving wife
for the sake of their starving
child. Nor, gentle reader, does
the horror stop there . . .
This truth-based tragedy of
errors makes Thomas Hardy
seem tike Louisa May Alcott It
also makes for spellbinding
cinema. Writer-director Nyk-
vist is best-known as a camera-
man to the great and famous,
having leased 22 Ingmar Berg-
mans, three (serious) Woody
Allens and a Tarkovsky.
After a training like that,
manic depression or emergent
movie mastery can be the only
outcome. Nykvist here makes
images that bum the eye. The
early winter scenes are
inspired crayon-and-charcoal
sketches, all ashy clouds,
ember-yellow sunsets and
crispy, silhouetted blacks.
They are followed by the desa-
turated, mold-grey prison
scenes, resembling a mortuar-
ist’s photo album. And even
when the film bounces back
briefly to May-time, the colours
are caustic, garish, mocking.
Assembling his cast from the
Ingmar Bergman Who's Who of
Acting - Liv Oilman, Max Von
Sydow, Erland Josephson and
Fanny And Alexander’s Ewa
Frohling as the wife - Nykvist
kneads the faces with light and
shadow as a baker kneads
dough. There is no flicker of
false emotion as he shapes the
story into a picture of provin-
Stellan Skarsgard and Max Von Sydow (left) in The Ox
dal life both cruelly plausible
and sumptuously satirical. Von
Sydow's dither y priest and
Lfllman’s lady of the manor,
specialising in milky-eyed
looks and arm's-length kind-
ONE^ALSE MOVE (IS)
Carl Franklin
LEAP OF FAITH (PC)
Richard Pearce
THE OX (12)
Sven Nykvist
BEST OF THE BEST 2
08)
Robert Radlcr
PARIS IS BURNING
Jennie Livingston
ness, show the tattered rai-
ment of charity in times of
social despair. And Stellan
Skarsgard, an actor whose
flayed looks and sleep-robbed
eyes haunt the mind, finds
DostoevsJdan depth in the hap-
less ox-killer. In sum; a tri-
umph.
Is there anything else? Yes,
but If you have a bus to catch I
can run through them quickly.
Best Of The Best 2 is the sequel
to a film no one seems to have
seen. Reportedly it starred Eric
Roberts (Julia's brother) and
Chris Penn (Sean's brother),
now re-teamed for 90 minutes
of cheerful drivel as two kick-
boxers trying to kick an evil
wall of muscle called Brakus
(Ralph Moeller). Place: Las
Vegas. Toupee'd Wayne New-
ton, looking mature enough to
be Isaac's brother, steals the
show as the sleazy emcee.
You can always see the
three-year-old drag documen-
tary Pam Is Burning at the
ICA. Director Jennie Livings-
ton shows us round New
York's “vogueing" couples, as
the entire black and Hispanic
poulations of Brooklyn and
Harlem seem to have spent
1990 coming out and loudly ref-
using to go back in again.
Bold, if rather old, stuff.
Exhibition/Jackie Wuilschlager
Pierre
Bonnard
Clement Crisp on the ENB*s regional tours
Ballet on the doorstep
“I would tike to appear with,
the wings of a butterfly before
the young painters of the year
2000," wrote Pierre Bonnard a
hundred years ago.
Bonnard ; the Happiness of
Paintings, the title of a compre-
hensive new exhibition in Dus-
seidorf gathered from public
and private collections across
Europe and America, speaks
for both the man and the work.
In huge canvas after huge can-
vas, Bonnard distilled his pre-
occupations with a contented,
domestic life in images of iri-
descent colour and Arcadian
brightness. No painter invites
so closely a feeling of instant
introduction into an everyday
scene, of joining the family in
the garden, the couple by
lamplight, or even the cat peer-
ing over the tablecloth.
Picasso hated this untrou-
bled charm and called Bonnard
“piddling”. Like his friend and
fellow intimiste Edouard Vuill-
ard, Bonnard suffered for
much of this century from
modernist dismissal as bour-
geois, decorative, superficial.
In the last 20 years, his work
has swung back into favour,
the scholarly catalogue (DM39)
to this show teases out roots in
18th-century French art as well
as the influence of Gauguin,
the other Nabiss and the Sym-
bolists, and proposes Bonnard
as a precursor of Americans
such as Jackson Pollock.
But walk into any room here
and it is Bonnard the pure
painter who matters and
attracts. Personal and inti-
mate, with a dash of humour
never found in Vuillard, he is
always fresh and loyal to lus
own vision, a perfectionist in
each minute detail- Years after
he had sold a work to a
museum he used to sneak in,
wait for the curator to move to
another room, and furtively
whip out a brush and tube of
paint to alter a fragment that
still bothered him.
He was born in 1867 into a
liberal bourgeois family who
did not object when he gave up
law for art His sister married
the composer Claude Terrasse
in 1890 and it is the Terrasse
family that features in the
early, monumental group pic-
tures of uncles and children
and dogs and outdoor tables
laid for lunch, such as L’Apres-
midi bourgeoise. Like the work
of his contemporary, Proust,
this is the quintessential idyll
of bourgeois indolence and ele-
gant leisure; it is also a won*
derfully ironic comment on
social gHfftipsfl and ennui, with
the family lined up in a row,
each with enough room to
stand or sit but not to unfold
or relax. Thus did Bonnard
charge his cosy sunlit spaces
with psychological overtones.
After he settled down with
his wife Marthe. social pictures
were rare. The Bonnards were
reclusive, living first in Nor
mandy a few miles from Giver-
ney - Monet used to drive over
to see the latest work; "of the
two,” said a witness, “Bonnard
spoke rather more, but that
was hardly at all" - then in a
village near Cannes.
From both homes, Bonnard
painted landscapes, trees, blos-
soms, fruit, brought within the
bounds of his own world. The
exterior plays against the inte-
rior so that the viewer must
find his way - to the vista seen
through an open window,
across a veranda, from a table
on a terrace. In the enclosed,
luxuriant gardens in mauves,
pinks and oranges that are
Bonnard’s lifelong motifs, the
close-ups, the bowl of fruit, the
check tablecloth, are the last-
ing images. The piquant and
personal are the joys of Bon-
nard: the composition of The
Cherry Tart, with its red fruit,
blue table and green foliage
screening the landscape
beyond, might have been set
up for him to paint the greedy
eyes of the dog whose nose just
reaches the tart
The round, childish face and
slender body of Marthe, muse
and model, is often the sole
figure here; in the 1912 Nature
morte a la figure, she is caught
so still and calm that she
cpipms part of a still-life. In the
famous "bath tub" series,
delightfully brought together
for this show, she is a naked,
known woman unlike any
other nude. Even Degas’ sim-
ple nudes washing and drying
have a mix of sensuality and
gracelessness where Marthe is
delicate, unsophisticated, hips
and breasts unemphasised,
body in its shimmer of light
almost more abstract than the
Interwoven surfaces, mirrors
and coloured tiles, which lumi-
nously reflect her figure.
Bonnard does not try to
explain her or anyone else;
even in the last Self-portrait of
1945, painted after the deaths
of Marthe and Vuillard, he
stares, frail and alone, from the
other side of a glass, his gaze
directed beyond us. Some of
the sparkling decorative pic-
tures, suffused with well-being
and memories of happiness,
fhflt he painted at the time of
the portrait appear with it
here; they show an aging Bon-
nard still true to the claim he
made in the 1890s: “1 belong to
no schooL I only want to do
something of my own.
Bonnard: Das Gluck zn Stolen,
irnnst-qail^w|limg- Dussddorf,
to April 12-
Engtish National Ballet wiakpg
an amoeba-like split for the
next month to encompass two
small-scale tours of the
regions. The scheme is of
proven value as we know from
previous years. Audiences that
might not expect to see ballet
of this quality on their door-
steps. benefit. New work is
encouraged without prohibi-
tive cost. The dead hand of the
“classics" is lifted from the
box-office. Dancers find new
roles and challenges. All's for
the best, and if - as on Tues-
day night in High Wycombe -
some of the programme is a bit
below par, there are rewards in
seeing dancers blossom in a
fresh repertory.
ENB was appearing in High
Wycombe at the new (Novem-
ber 1992) Swan Theatre. The
building is light, spacious,
well-planned. Civilised loos.
The auditorium seats just over
a thousand in comfort Sight
lines are good; the stage is
excellent for middle-scale
dance; the theatre and bar staff
are courteous and seem actu-
ally to care that the public is
present (So unlike certain of
our own dear metropolitan fun-
palaces.)
The key to the programme
was the first performance of
The Seven Silences of Salome -
over-sibilant title - by the Por-
tuguese choreographer Olga
Roriz, who made an impressive
Thirteen Gestures of the Body
for the Gulbeukian Ballet
This is barefoot territory -
as was everything in the even-
ing except for the Don Quixote
duet - and the piece comes
with an addled programme-
note which avers that the
seven men in the cast are
“multiple images of John the
Baptist” who dance their indi-
vidual tributes to Salome, and
that the whole thing is "a
dream developed by a woman
about the desire of another
woman who has never
existed". After that, 1 would
happily believe that Mme Roriz
was also laying claim to the
throne of Peru. It is Intellec-
tual hocus-pocus. What we see
is seven men who dress up in
seven items of flimsy female
clothing (they look foolish
enough to appear on the cat-
walk of almost any British
fashion show) and then per-
form brief, vivid solos. Salome
does not appear.
The value of the piece is that
Mme Roriz offers an individual
and convincing dance-language
which gives the men splendid
opportunities. Movement is
anxious, feverish, built upon
quick, bright gesture and
jagged-edged action. Perfor-
mances are fine, committed.
The men are Alexis Manuel,
Paul Lewis, Denzil Bailey (who
has a variation of great rhyth-
mic sophistication, which he
does admirably well). Maurfzio
Bellezza, Tim Almaas, Thomas
Edur and Stephen Sherrift I
thought Mr Sherriff extraordi-
nary, even In this distin-
guished company, by reason of
the emotional concentration of
his playing. He has, from his
days as a soloist with the
Royal Ballet, been an artist to
watch with gratitude. Here he
achieves even more impressive
stature: the role, the dance,
take fire.
This Salome is a welcome
arrival in the repertory show-
ing the men of the troupe as
serious and gifted artists.
There is an insistently clangor
ous electronic score by
Antonio Emitiano; simple and
effective decor by Nuno Carin-
has. Sponsorship comes from
Portugal 600.
American choreographies
framed the programme: Paul
Taylor's Aureole, which no one
on stage understood, for perfor-
mances were neither buoyant
enough nor exact enough in
gesture; and David Parson's
two jokes. Sleep Study and The
Envelope. The pyjama-ed fig-
ures of the first are quite
amusing, the piece happily
brief; the romping of the sec-
ond goes on for ever. Hero of
this was the pianist Kevin Dar-
vas who played a Rossini mish-
mash with a nice wit In the
Don Quixote pas de deux,
Agnes Oaks and Thomas Edur
did what they did efficiently.
Neither convinced me and Mr
Edur is too valuable an artist
to be wasted on this horse-
play.
ENB’s tours Britain with
two programmes until May 8.
Recital
Wolfgang
Holzmair
For a couple of years Wolfgang
Holzmalr’s Ueder singing
seemed to be the best-kept
secret of Wigmore Hail
audiences. On one occasion
I recall the young Austrian
baritone looking genuinely
surprised at his reception. No
more; these days he is to be
found in recital across several
continents and plentiful
recordings are promised.
He has taken strides forward
since his London debat four
years ago. Tuesday’s
programme at the Wigmore
Hall was all Schubert, taking
Schwanengesang as its
backbone, but adding extra
songs with words by Seidl and
Refistab to give it body.
Brigitte Fassbaender and Peter
Schreier have offered the same
basic idea before, but they did
not start with the last song,
“Die Taubenpost", and then
sing it again for an encore,
as Holzmair did - a strange
idea, but not unpleasing.
His accompanist on this
occasion was a noted Schubert
pianist in her own right,
Imogen Cooper. Unlike
Andra’s Schiff, who was in
the audience, sbe did not
accompany with a soloist’s
flair. The Bbsendorfer’s lid
was firmly down; the sound
was unvaryingly soft and
demure, leaving Holzmair’a
baritone to take the limelight
for Itself.
Tt was difficult to call this
a partnership in any
meaningful sense. Beautifully
moulded though her playing
was. Cooper did not really
dramatise the songs at all.
By the time she had reached
a contrasting mood, Holzmair
was up and away, several new
ideas farther on. He has
always been a restless singer,
apt to veer from one dynamic
extreme to the other In quick
succession, but a for greater
degree of discipline is now
in evidence.
At his best - a seductive
“Lfebesbotschaft”, a powerful
“Der Doppelg&nger” - it is
difficult to think of another
young recitalist to match him.
Holzmair has a lot to say
about the music be sings and
the technique (except in those
awkward octave rises of
“Kriegers Ahnung") to put
it across. His baritone sounds
as though it was born with
its wide range of expression.
Meltingly romantic tone
colours and bitter, dark anger
come to It with equal ease.
The conclusion must be that
Holzmair is well on target to
fUlfil his early promise.
Incidentally, the second time
that he sang “Die Taubenpost”
was even better than the first
- a knowing and affectionate
smile in the voice that worked
as wen for this song as any
performance I can remember.
Richard Fairman
Opera/Ronald Crichton
Benvenuto Cellini
High Romanticism; Chris Merritt, Deborah Riedel, and Diana Montague in Opdra Bastille’s new production of ‘Benvenuto Cellini'
Have Parisians even now really come to
terms with Berlioz? In the listing col-
umns of a leading newspaper the other
day, readers were urged to see the
Op6ra Bastille’s new production of Ben-
venuto Cellini “to persuade themselves
that this opera is decidedly not Beihoz’s
masterpiece". How negative can you
get? And who said CeUhu was his mas-
terpiece? Even if it is not on a level
with The Trojans or that wonderful not*
quite-opera The Damnation of Faust,
Cellini is a riproaring heartwarming
piece of High Romanticism and self-jus-
tification, demanding a place in the
national repertory.
ft was with The Trojans, in a produc-
tion that by all accounts failed to set
the Seine on fire, that the Bastille
opened almost four years ago. Cellini is
in the main a big success - done well,
Berlioz can be retied upon to draw large
audiences in spite of his detractors.
Conductor Myimg-Whun Chung and the
willing Opera orchestra hurled them-
selves whole-heartedly at the music.
Though the quieter moments - the
lovely duet for Teresa and Ascanio for
example - made their effect, some of
the playing was a shade too brash and
brassy, obscuring detail Plenty of vital-
ity, not enough light and shade.
The producer, Denis Krief, whose
Sapho (Gounod) I enjoyed at Saint-
Etienne last season, designed his own
sets, costumes and lighting. The result
had unusual homogeneity, a swirling,
sweeping, restless evocation of Renais-
sance Rome with magical evocations of
the Piazza Colonna and the Colosseum
- painted architectural sets in the
grand theatrical style of Berlioz’s time.
Good to see the big Bastille stage unin-
Mbttediy used, even if the width meant
stringing out the carnival crowds in
long lines like a frieze.
Everything was generously planned -
yards of material for the riotously col-
ourful painterly costumes (as good in
motion as they were when still). What a
blessed, wicked pleasure to have an
opera evening far away from
clamped-on ideas and strenuous visual
ugliness.1 Could it be, bearing the Op&ra-
Comique’s Mtreille in mind, that reac-
tion is on the way?
The “King Midas” pantomime on Cas-
sandra's trestle stage at the carnival
was elaborately staged, with the stab-
bing of Pompeo a focal point I cannot
say I followed the twists and turns of
the casting of the statue, but there was
a genuine, growing excitement At the
moment of triumph, a giant impression
of Perseus the height of the proscenium
arch was flashed on to a gauze - no
feeble imitation of a bronze figure.
So much for the eye to enjoy occa-
sionally endangered the story line but
not for long. Krief never allowed com-
edy to topple into force. The Pope
(Romuald Tesarowicz) and his treasurer
Balducci (Jean-Phillipe Courtis) were
not caricatured but shown as poten-
tially tricky opponents, symbols of Cel-
Uni's uneasy relationship with author-
ity (for which read Berlioz and the
official Paris of the 1830s).
Cellini, the goldsmith of genius who
was also a brawler, was sung with
swagger and thoughtfulness by Chris
Merritt, whose voice has a useful streak
of hard metal as well as Rossini-tenor
agility. That voice was taxed by the
role, but the worrying unsteadiness of
the opening scones lessened. Merritt's
appearance combined burliness with
distinction of bearing.
The Teresa of Deborah Riedel, full-
toned and positive in manner, was the
best I have seen - for once the girl
seemed a worthy partner for the artist
The Ascanio of Diana Montague and
Fieramosca of Michel Trempont were
excellent. Much of the evening's musi-
cal excitement came from the Optra's
fine chorus, especially the tenors and
basses who sang so lustily as Cellini’s
Mlow-craftsmen.
Sponsored by Association pour le
Rayonnement de 1’OpSra de Paris,
m-*
r
LETTERS TO THE EDITOR
Number One Southwark Bridge, London SE1 9HL
Fax 071 873 5938. Letters transmitted shouid be dearly typed and nor hand written. Please set fax for finest resolution
Offer worth
refusing
From J JPlani
Sir, With the volume of col-
umn innhKs expended on thg
Hoover promotion, I am a little
surprised that nobody has
looked at the much larger
Sainsbury /British Airways pro-
motion which took place at
about the same time.
As a result of some careful
planning of my shopping, I
acquired vouchers that would
have entitled me to two
reduced air fares. Sains-
bury/BA further rewarded me
with two additional -bonus"
vouchers. I have found these to
be valueless. On flights since
Christmas, all on BA, I have
been able to book tickets
through West End agents con-
siderably cheaper than the BA
"reductions".
r have probably tost nothing
(and may have gained a tittle)
as a result of rescheduling pur-
chases to boost my total expen-
diture at Sainsbnry during the
crucial period. Certainly Sains-
bury gained some of my mar-
ket share at the time, but in
the immortal words of rock
star Pete Townsend, I “won’t
get fooled again”. And my
expectation is that Sainsbury
will not actually spend very
much on subsidising air tickets
under its scheme.
J J Plant,
101 Clova Road.
Forest Gate, London E79AG
Schools must not perpetuate
artificial educational barrier
From Mr Aiastair Thomson.
Sir, The secretary of state for
education's decision to give a
much higher profile to voca-
tional qualifications in recent
weeks ("Patten vows to
improve the skills base", April
6) is particularly welcome
given the implied message
within your own second leader
of the same day (“Testing
times").
While agreeing whole-
heartedly that Mr Patten needs
to talk to the profes-
sion about testing ami about
the national curriculum, I
would take issue with the
assumptions behind your edito-
rial’s critique that it falls into
“the twin traps of being insuffi-
ciently challenging for aca-
demic children, while neglect-
ing the basic skills others need
for the world of work".
Though intended to show the
over-prescriptive nature of the
national curriculum, this illus-
tration perpetuates an out-
moded academic/vocational
division. Whatever flaws it
has. a national school curricu-
lum must seek, surely, to
stretch all children, not just
tiie most academic? Equally it
should ensure that every child
is equipped with at least some
of the skills needed for earning
a living.
Implying that sufficient
intellectual challenge is impor-
tant for "academic children"
while it is more necessary that
“others" should become skilled
for the world of work is not
helpful to anyone. If the
largely artificial barrier
between academic and voca-
tional learning is being broken
down in higher education, it
would be sad to see it main-
tained in schooling.
Without sharing the govern-
ment's commitment to main-
taining the A-level system
unchanged, it is possible to
sympathise with Mr Patten's
objective of presenting people,
whatever their age, with an
attractive vocational option
that encourages more people to
contribute to raising the coun-
try's skill base. The alternative
is to consign work-related
learning to a second-best
ghetto area.
Aiastair Thomson,
planning & development officer.
National Institute of
Adult Continuing Education,
19 B De Montfort Street,
Leicester LEI 7GE
ACT and pensions: short-term gain but long-term loss
From Mr David G V Hudson.
Sir, I was interested to read
Norma Cohen’s article on Bud-
get changes to ACT and its
effect on passions (“Worse off
at the end of the day", April 5).
There are many things about
current government policy
which are difficult to under-
stand other than on purely
hard-nosed money terms (for
example, closure of mental
hospitals and cuts in legal aid).
But even on those terms, con-
sidering that in future an
increasing percentage of the
population will be in the older
age brackets, it sorely makes
good long-term fiscal sense to
encourage people to provide for
their retirement years. Retirees
who have made adequate pen-
sion provisions will be less of a
drain on public resources in
the years to come.
Prom your reports and oth-
ers 1 have read, it seems that
the government is charting a
course of short-term fiscal gain
at the expense of long-term pol-
icy.
David G V Hudson,
Hudson & Co.
9 Warwick Court,
Gray ‘s bin,
London WCIR5DJ
Exchange rates: building a reputation and avoiding disorder
From Mr Laurens van den
Muyzenberg .
Sir, Dr Popham, in his letter
“Best for France and Europe if
franc floats" (April 5), accuses
me of misinformation. He pre-
dicts “a small Call followed by a
gradual rise". Real interest
rates should be 3 per cent or.
for France with 2J5 per cent
inflation, 5.5 per cent as com-
pared with 10.5 per cent short
term now. What a wondrous
world it would be where inter-
est rates could be halved and
there would only be “a small
fall” in the value or the franc!
This is just a technical point
Also Dr Popham wonders why
France would link its currency
with the sick German econ-
omy. it is because France is
now an integral part of a cur-
rency block three quarters the
size of the US (in terms of
GNP). if we just include
France. Germany, the Nether-
lands and Belgium.
Furthermore, it is well
proven that strong currencies
lead to strong export perfor-
mance, as shown by Germany
and Japan, and a weak cur-
rency to poor performance, as
shown by the UK. But most
important of all is burden shar-
ing. Devaluation would make it
even more difficult for Ger-
many to get out of the reces-
sion and successfully complete
unification.
Also, not too long ago the
UK wanted the pound to
become the strongest currency
in Europe. France wants the
same, but that takes time; it
takes a long time for France to
wear down its reputation as
being prone to devaluation.
France has come a long way.
Floating now would throw
away sacrifices already mad*
Finally, floating the franc
would delay the introduction
of a common European cur-
rency, the most powerful tool
for increasing European trade
and prosperity.
Laurens van den Muyzenberg,
managing director,
MMC Ltd,
1 Queens Terrace.
Windsor SL4 2AR
From Mr Martin Lam.
Sir. the logic of Mr Grey’s
gloss (Utters, April 6) on Mr
van den Muyzenberg’s letter
(March 30) is incontestable and
points up the paradox that
fixed exchange rates must be
variable. The worrying ques-
tion is, how, to a world
abounding with economic «mH
financial information, they can
be varied effectively but with-
out disorder.
If alignments are sizeable the
perfect solution would be to
make them when least expec-
ted by the market But this is a
contradiction verging on an
absurdity. If, at the other
extreme, you wait until the
commentators and the bankers
all agree that the moment has
come, then you obviously
make it easy for speculators
and for those responsible for
managing international funds
to place their bets. Conditions
for automotive alignment are
hard to envisage. Small, fre-
quent variations are an option,
but would look and feel to the
trader rather like floating.
Can the trader and the oper-
ator in invisibles have their
cake and eat it too? Or must
they simply accept the need to
pay for some insurance, in the
form of hedging, against move-
ments to exchange rates which
work for. not against, a reason:
able equilibrium?
Martin Lam.
22 The Avenue,
Wembley. Middlesex HAS 9QJ
r •••
L s.
ii I, - Thursday; m»r‘ls iw
British culture
in the clear
Book
Review
Of all the com-
peting explana-
tions for
Britain’s poor
economic per-
formance com-
pared with Ger-
many and the
US, the most
pervasive is the
CAPITALISM, CULTURE
AND DECLINE IN
BRITAIN 1750-1990
By W D Rubinstein
Roatkdge £25 182 pages
belief In an anti-industrial cul-
ture. The idea is that for the
past 100 years social and edu-
cational attitudes to Britain
have been uniquely unfavoura-
ble to industry; this has led to
a diversion of talent away from
manufacturing to “softer”
activities such as the profes-
sions and the civil service.
A powerful restatement of
this view came in 1981 with the
publication of Martin Wiener’s
English Culture and the
Decline of the Industrial Spirit
The "cultural critique" associ-
ated with Wiener and others
holds that from about 1870
onwards the upsurge of entre-
preneurial vigour which had
produced the industrial revolu-
tion was blunted by “gentrifi-
cation". Successful Industrial-
ists sent their sons to public
schools where they imbibed
pseudo-aristocratic values that
were alien to the single-minded
pursuit of production and
profit.
Several historians have ques-
tioned Wiener's analysis, but
none have done so with as
much force as W D Rubinstein.
His new book, which follows
several earlier studies of Brit-
ish elites, is written with wit
and passion. It is a persuasive
antidote to many of the cliches
about British industrial
decline; Its message needs to
be absorbed by speech writers
for the prime minister, John
Major, and Michael Heseltine,
trade and industry secretary.
Rubinstein lays into the “cul-
tural critique" on three main
grounds. First, he attacks its
central assumption that
Britain shifted from a pro- to
an anti-industrial culture in
the course of the I9th century.
Second, he regards the notion
of British economic decline as
vastly exaggerated, partly
because it reflects an obsession
with manufacturing: it fails to
take into account the country’s
competitive success in ser-
vices. Third, he finds no evi-
dence to support the view that
the public schools engendered
anti-business attitudes.
Rubinstein says: “Britain
was never fundamentally an
industrial and manufacturing
economy; rather it was always,
even at the height of the indus-
trial revolution, essentially a
commercial, financial and ser-
vice-based economy whose
comparative advantage lay
with commerce and finance".
What is sometimes seen as
Britain's economic decline was
simply a shift of entrepreneur-
ial energies to other forms of
business. “In moving from
industry to commerce.
Britain's entrepreneurs were
responding intelligently to
opportunities. This had little or
nothing to do with any factor
in Britain's underlying culture,
elite educational system or
fundamental system of val-
ues."
Rubinstein shows that even
during the period from 1770 to
1860. when entrepreneurs in
Lancashire and the West Rid-
ing of Yorkshire were turning
Britain into the workshop of
the world, the richest and most
powerful group in the country
were the bankers and mer-
chants of London and the
home counties. The dominance
of commerce and finance was
Interrupted by a brief upsurge
of factory capitalism in the
first half of the 19th century,
“whose importance has proba-
bly been exaggerated by the
fact that it bad the world’s first
modern factories, by the fact
that it is highly visible and
unpleasant, and by the impor-
tance given to it by Marxism”.
As for the contention that
British culture was anti-indus-
trial, he points out that if an
important indicator of such
attitudes is the views of writ-
ers and intellectuals, then Ger-
man and perhaps even Ameri-
can culture has been more
anti-business than that of
Britain. Noting the “cosmic
anti-bourgeois sarcasm" ema-
nating from Germany’s
Brechts and other left-wing
writers, he argues that British
culture has been much less
strident in its condemnation of
capitalism than any other
European culture.
In a study of the back-
grounds and careen of public
schoolboys between 1840 and
1990, Rubinstein shows that
few northern industrialists
sent their sons to these estab-
lishments; the suggestion that
the public schools diverted tal-
ent away from industry is
groundless. Sons of financiers
were more likely to have been
educated at public schools; yet
these were the activities in
which Britain, far from suffer-
ing from an anti-entrepreneur-
ial bias, continued to enjoy a
competitive advantage.
In his final chapter Rubin-
stein discusses the interaction
between the country’s three
elites - the landed elite, the
commercial-based London
elite, and the northern manu-
facturing elite. The third of
these had its period of greatest
influence between 1880 and
1870, but it was never able to
astahlish a dominance over the
other two. “The self-conscious,
acquisitive, ideologically dis-
tinctive provincial elite disap-
peared to the first world war,
together with its vision of a
liberal, meritocratic, provincial
civic culture not diKKimilar to
that which emerged in 19th
century America."
Rubinstein leaves a number
of questions unanswered, not
least the issue of whether the
dominance of the metropolis -
which is unique among
advanced countries - damaged
the economy. His niatm that
Britain’s comparative advan-
tage has always been in
finanrp and commerce Is plau-
sible, but the balance between
manufacturing and services
might have been different, and
better for the nation, if the
social and business links
between London and the north
had been closer.
Manufacturing remains an
important part of the economy
and those who worry about its
competitiveness are not neces-
sarily suffering from what
Rubinstein calls “manufactur-
ing fetishism". What this book
does, nevertheless. Is to chal-
lenge the conventional wisdom
about Britain's Victorian past
and thus to alter the terms of
the debate about the country’s
present and fixture.
Geoffrey Owen
The author is director of the
Business Policy Programme at
the Centre for Economic Perfor-
mance. LSE
Pay-setting institutions
have certainly been
transformed: fewer
workers are in collec-
tive agreements, bargaining is
decentralised, the century-old
tradition of the rate for the
job’ has been ruptured, fair
wage resolutions and compara-
bility machinery have been
withdrawn, there is greater
sensitivity to the fortunes of
the company and the perfor-
mance of the individual The
government and their acolytes
have achieved virtually- all
they set out to do."
With these words, David
Metcalf, professor of industrial
relations at the London School
of Economics, summarised the
rhangra in the UK labour mar-
ket in the Thatcher decade and
beyond. His paper was given at
a conference held on April l by
the National Institute of Eco-
nomic and Social Research.
One of the best Illustrations
of the changes is the sharp
derfin* to union membership
as a proportion of an employ-
ees. Over the short period
198490, the proportion of pay
rises determined by collective
bargaining fefl from 71 per
to St per cent On the positive
side, some 43 per cent of busi-
nesses hqiH or share-based
profit sharing by 1990, and 32
per cent had share ownership
Or Option wfowmeg - although
in most cases these provided
only a modest proportion of
workers' remuneration.
Moreover, in contrast to ear-
lier decades, public and private
sector employers stood up to a
series of important strikes.
Management's “right to man-
age" was reaffirmed and
employers were able to get rid
of “Spanish practices” in the
newspaper, airlines, and other
last-ditch areas.
There were benefits. As Met-
calf says: “Growth in manufac-
turing output per head
improved such that Britain
was top of the OECD-major
seven nations growth league
table to the 1960s, after being
bottom to both the 1960s and
1970s. Labour productivity in
manufacturing has continued
to grow rapidly in the 1990s
reflecting the sharper fall to
employment than output The
improved performance of the
manufacturing sector in the
1980s was attributable to the
interaction of greater product
competition, high unemploy-
ment and anti-union legisla-
tion."
But there woe two disturb-
ing offsetting features. The
first relates to the distribution
of income. Mainstream econo-
mists say that “inequality"
increased. The most widely-
used measure of inequality is
Economic Viewpoint
After the pain, the
wait for the gain
By Samuel Brittan
the Giui coefficient which has
a maximum of 100 and rises as
“inequality" Increases. The UK
co-efficient rose (after tax)
from 28 to 1981 to 35 in 1988.
There were similar movements
to the US. There was no such
increase to France, but the
absolute level of “inequality”
remains higher than In the UR.
The term “inequality” is a
loaded one, presupposing that
equality is a natural or desir-
able state of affairs. But in the
case of fafl-time manual work-
ers, Paul Gregg and Stephen
Mac bin in their contribution
were able to isolate separate
effects. The ratio of earnings of
the top tenth of manual
full-time workers to the
“median “ workers (those
whose pay was in the middle)
increased to the highest since
1886. In itself, there might not
be too much to worry about
here - it might be evidence of
a widening of differentials for
skilled labour. The real con-
cern is at the bottom. For the
lowest tenth have experienced
since 1976 a steady decline to
the ratio of their earnings to
the median
Absolute poverty Is a highly
complex and controversial
area. But it is difficult to deny
the evidence of an increasing
trend in the 1980s. At the very
least, a substantial minority
did not share is the gepgrai
prosperity, when real earnings
for those in employment rose
at a record pace.
The distributional r-hangaic
were largely driven by labour
market forces, such as declin-
ing relative demand for less
skilled workers and occupa-
tions. But the decline to impor-
tance of Institutions such as
Unions and minimum wages
played a role.
The second disturbing fea-
ture is that even the productiv-
ity gains have gone to waste in
unemployment, which seems
to be rising to a post-war
record. As Metcalf puts it:
“Either the government got it
wrong concerning the link
between pay-setting institu-
tions end procedures and the
employment outcomes. Alter-
UK
Percentage of wortfoves
in trade unions {GBJ
Top tenth to itfadte
Bottom tarth totrfdcte
08
t-t
fS8B IflBB 1338 787879838890 t96Q 86
UK tnenployment: an optimistic vtettr
tmteonj .
3.5 —
— - AOUBtfSte
3-° «M>*EquBbrium<
natively, the government got it
right about pay setting, to this
case its macroeconomic policy
must be a shambles. Either
way it is disgraceful that more
than 3m unemployed are
needed to implement govern-
ment policy."
The clue to the puzzle may
have been provided by another
1 prefer Minfbrd’s
optimism to the
establishment’s
recession-biased
economics
participant. Professor Patrick
MmfottL He believes that the
equilibrium rate of unemploy-
ment (consistent with stable
prices or a constant rate of
inflation) did rise in the early
1980s in the aftermath of some
Labour policies and because of
mistakes made by the incom-
ing Tory administration, but
has since fallen rapidly.
The particular eiurly Conser-
vative error was the sharp rise
in council rents, folly compen-
sated in unemployment bene-
fit, but only partly in benefits
available to those at work.
This much increased the “why
work?” problem, but became
less important as benefits fell
to relation to income.
A big element to Prof Min-
ford’s view was unionisation,
which added lm to equilibrium
unemployment to the 1970s,
but reduced it by l'/«m in the
1980s. A further favourable
inHnmirp was falling employer
taxes on labour. In sum be
believes that equilibrium
unemployment, which shot up
to 3m to tbe early 1980s, has
since fallen back rapidly and is
now about lm.
This led Prof Minford to
argue in his contribution to the
government s panel of injiepen-
dent forecasters that the econ-
omy could take a wtaj
boost without any danger of
renewed inflation. Ttos is m
strong contrast to the Treasury
and most commentators, who
fear that because of capacity
shortages, the balance of pay-
ments or other constraints,
anything but a modest recov-
ery would run into trouble.
Prof Minford’s presentation
provoked a discussion, ended
only by the clock. If there has
been such a large gap between
actual and equilibrium unem-
ployment for most of the past
10 years . why did inflation not
fall further in the middle 1980s;
why was the economy not bet-
ter able to absorb the credit
expansion of the period, and
why are prices not actually
falling today?
Fragments of explanation,
offered by conference partici-
pants, were that it was not the
level of demand in the late
1980s that caused the problem,
but tbe rate at which it
increased. In the 1990s there
may be a constraint of physical
capacity biting well before
there is any chance of labour
shortages reappearing.
prof Minford played down
capacity restraints, indeed if
output can be increased with-
out inflationary effects, then
capacity will be created by
business. Moreover if unem-
ployment is so far above equi-
librium, it should be possible
to cope with any incipient bal-
ance of payments problem by
having a lower rate of inflation
to the UK than in competitors.
As some recent chancellors
will confirm, my own vision of
the economic process is not
always the same as Prof Min-
ford's. Nevertheless I prefer his
structural optimism to the eco-
nomic establishment's ten-
dency to project any recession
or business cycle problem
indefinitely into the future.
If there is something in his
account, then the effect of the
Thatcher labour market
changes is more like what one
would have expected. The dis-
tribution of income has been
adversely affected, but most of
today’s unemployment is due
to recession and will be priced
back into work with recovery.
Lower unemployment will
itself reduce poverty, but prob-
ably not enough. Non-political
observers would want to inves-
tigate fiscal redistributory
schemes, such as those out-
lined to James Meade's new
collection of essays, just pub-
lished by Macmillan, Liberty.
Equality and Efficiency. But
they would also seek to retain
the more flexible post-Thatcher
labour market
I
FINANCIAL TIMTEs f|| ,
financial times
rTmlwim o^86, 1011(1011 SEl 9HL
u/w 3000 Telex- 922186 Fax: 071^07 5700
Thursday April 8 1993
Mr Major’s
anniversary
ONE YEAR has passed since Mr
John Major famously won the gen-
eral election of April 9th 1992. it
has not been a happy twelve
months. The prime minister has
lost authority. The Conservatives
have split over the Maastricht
treaty. Britain has endured a
demoralising winter. Now. how-
ever. economic recovery is on the
way and the Maastricht treaty
may soon be ratified. The govern-
ment has an opportunity to set its
own agenda, rather than be driven
by events.
The prime minister has not
an innocent spectator. Over
Europe, he has played a dreadful
hand as well as might be expected.
This is hardly true over the econ-
omy. Mr Major was chancellor of
the exchequer when sterling was
put into the ERM. His record as
prime minister includes misjudge-
ment of the recession; a huge dete-
rioration of the public finances;
vainglory about sterling's strength
before September 16; the govern-
ment's row with the Bundesbank
over sterling’s exit from the ERM;
the subsequent failure to change
the economic team; and a refusal
to draw radical lessons from the
debacle.
On polling day last year the
Financial Times ruminated about
the “dangers of perpetuating in
power a weakened and uncertain
Conservative party”, a party
whose manifesto, we said, was “a
job lot of ideas with little sense of
drive or direction". A year later
the government’s programme is as
fragmented as ever. However, our
view last April that the risks of a
change to Labour was justified
“by a fine margin” has hardly
been vindicated by that party’s
performance In opposition. No
wonder the country feels gloomy.
Lost authority
In the next year, the two great
areas of responsibility faring Mr
Major are. as ever, Europe and the
economy. On the first, his hope is
to reunite his party around an
agenda that promotes both
enlargement of the community
and decentralisation of its man-
agement Other EC member states
may be sufficiently chastened to
pay him more attention than they
did a year or two ago.
On the economy, what is needed
for sustained recovery is to use
the gain in competitiveness from
Anglo -German
capitalism
devaluation as a platform for long
term export-led growth.
The most important precondi-
tion will be continued wage con-
straint The government needs to
articulate a long-term view of
wages that goes well beyond the
rough justice of its ceiling on pub-
lic sector pay. It should, for exam-
ple, announce a direct link
between changes in interest rates
and trends in wage settlements
Mr Major will also need to give
strong support to Michael Por-
tillo’s radical review of public
spending, which is an essential
component of his effort to bring
the public finances under control.
He may well have to consider fur-
ther tax increases as well. Any
deflationary effects can and, if
necessary, should be offset by
lower short-term rates of interest.
Fresh vision
An even more fundamental
point is that throughout the UK
political system, power is too cen-
tralised. This is bad in Itself, but
worse when it is also poorly exer-
cised The power of the Treasury
is no longer commensurate with
its reputation; the case for an
independent Bank of England
needs to be answered; and more
open discussion of major policy
options is needed. Advisory panels
at the Treasury and on energy pol-
icy are a small step in the right
direction, but British government
still works on the assumption that
the man in Whitehall knows best
It is no less important to think
through the consequences for
accountability and transparency
as quangoes take over more gov-
ernmental functions, particularly
at the local leveL
On questions of governance, Mr
Major has a taste for radical lan-
guage - for example, proclaiming
himself an apostle of open govern-
ment, but bis instincts are conser-
vative; he needs to be bolder. In
some other policy areas, education
and training is the obvious exam-
ple, he has inherited an avalanche
of change, which needs to be more
coherently presented and more
effectively delivered
It is unrealistic perhaps to call
for a fresh, “vision", but the UK
does need a government with poli-
cies designed to last for years
rather than months. In spite of his
small majority, that is the least
the prime minister must achieve.
The dominance of the banks in the
capital markets of continental
Europe has always militated
against the adoption of
Anglo-Saxon financial habits such
as hostile takeovers and high pay-
out ratios. Yet the resistance is
finally eroding in Europe’s pre-
eminent bank-based system, Ger-
many. The decision by Daimler-
Benz, Germany's biggest indus-
trial group, to adopt US account-
ing and disclosure requirements to
obtain a listing on the New York
Stock Exchange is symptomatic.
As the capital markets become
global, the Anglo-Saxon model is
tending, for better or worse, to
prevaiL
Well-known German companies
such as Hoesch in steel and Feld-
mflhle in packaging have recently
fallen victim to predators. Share-
holder activism, meantime, has
been breaking out at the annual
general meetings of corporate
giants like Siemens and Daimler.
Interestingly, Daimler recently
decided to unwind a defensive
arrangement whereby 25 per cent
of its capital was held in a special
holding company. Nor is it just
domestic shareholders who have
been complaining about restric-
tive voting arrangements. A repre-
sentative of the California Public
Employees' Retirement System
(Calpers) shook the management
of the conglomerate RWE last
year by denouncing the company's
restricted voting rights at the
annual general meeting:
Shareholder activism
The influence of big pension
funds like Calpers is not to be
under-estimated. Around 40 pet
cent of the tradeable shares of
German companies is now in for-
eign hands. German management
could afford to ignore foreign own-
ers in the 1980s when companies
were cash-rich. But with the
domestic economy contracting
and profits under severe pressure,
flfyyc* to international capital sud-
denly becomes important, espe-
cially in a system with few ftmded
pension schemes, where private
investors prefer bonds.
Daimler-Benz is a case in point.
After its acquisition spree In the
1980s It had a heavyweight rights
issue in 1969. Over the past year it
has wanted to raise a fartlmr
D-Mark am {£820m) against a diffi-
cult market background. Yet its
diversification has prompted criti-
cism and profits are forecast to
fall for the second year running.
Disclosure could help keep the
door open to that equity fesue.
Improving disclosure
Even without any need to sat-
isfy the requirements of the New
York Stock Exchange and the US
Securities Exchange Commission,
many German companies have
been improving disclosure and
adopting more generous dividend
policies. The trend will continue.
Fiscal pressures resulting from
unification will cause Germany’s
privatisation programme to accel-
erate; foreign investors will be
needed to help maximise the gov-
ernment’s returns. The ageing of
the population could also result in
more of the pensions burden, being
transferred from the state to
funded private pension schemes.
That, too, would create increased
demand for equities.
If the general trend towards a
more open capital market ulti-
mately tightens accountability, it
may be no bad thing. For all its
merits, the German system of cor-
porate governance has been less
effective than its Anglo-Saxon
equivalent in unravelling the dam-
age caused by promiscuous con-
glomeration. Supervisory boards
have often been slow to push man-
agement into focusing on prob-
lems in the core business.
That said, there are clear risks
in going down the Anglo-Saxon
route. Much of the success of Ger-
man industry has been based pre-
cisely on harmonious relations
between management and work-
ers within the company, and dose
relationships outside, with banks,
suppliers, government and com-
munity. It would be ironic if the
Germans were to adopt an Anglo*
Saxon-style market in corporate
control just as US investors are
discovering the joys of 'relation-
ship investing*, whereby institu-
tional shareholders make a
long-term commitment to a given
company and engage in a continu-
ing dialogue with the board.
That, however, is unlikely. The
innate conservatism of the Ger-
man financial system militates
against rapid change, as does the
powerful vested interest of the
banks - which is why it is con-
ceivable that Germany will endup
with the best of both worlds.
“To every action there is an equal
and opposite reaction."
- Sir Isaac Newton
In 1989-90. a triumphant wave
of western liberal capitalism
crashed onto the beachhead
of central and eastern
Europe, washing away com-
munism’s rusty hold. Three years
later, the western part of the conti-
nent is caught in the backwash of
its own previous success. Europe
has served up a large-scale labora-
tory demonstration of Newton's
third law of motion.
In the east, fragmentation is on
the march, illustrated by the war in
former Yugoslavia, the disintegra-
tion of the former Soviet Union and,
less catastrophically, by the
break-up of Czechoslovakia. In west
era Europe, fissiparous forces are at
work, too, seen in regional faction-
alism in Italy and Belgium, or the
new economic and social cleavages
in unified Germany.
Yet what has crumbled most Is
political vision and leadership,
sapped by economic downturn,
unemployment and electoral disen-
chantment. The rail of the
wall, the unification of Germany
and the unravelling of the Soviet
empire were cathartic events for
which the west was immensely
grateful, and Immensely unpre-
pared. Western Europe reacted by
trying to speed up, through the
Maastricht treaty, moves towards
EC unity first launched in the 1950s
ami accelerated by the process of
creating a single European market,
That was always a debatable choice.
In retrospect, it looks like the
wrong one.
West European politicians gave
priority to deepening integration
rather than spreading it eastwards.
They failed to realise that the col-
lapse of communism would create a.
corresponding crisis of adjustment
in the west They did not recognise
that the pain accompanying the
necessary overhaul of west
European structures would dimin-
ish ordinary people's enthusiasm
for political and economic tminn
They foresaw neither the scale of
economic problems resulting from
German unification, nor the extent
to which these would reverberate
across Europe. They did not antici-
pate that the Maastricht plan to
replace the D-Mark with a European
currency would become an obstacle
rather than a catalyst for the recon-
struction of Europe.
This was a catalogue of miscalcu-
lation. Now, in drawing up the post-
Maastricht agenda, west European
governments face three interlinked
challenges. The most important is
to build a stronger economic bridge
integrating the eastern and western
parts of the Continent Unless gov-
ernments master this first task,
they are likely to foil in the other
two aims: restoring their authority
and esteem in the eyes of voters,
and succeeding in Europe’s eco-
nomic struggle to keep up with
other parts of the industrialised
world-
Three years ago, all the goals
seemed within reach. In dozens of
statesmanly speeches, the talk was
of partnership and prosperity, reso-
lution and reward. German and
European unity, according to Chan-
cellor Helmut Kohl, were “two sides
of the same coin". The coin has
since tarnished; the rhetoric has
tamed sow.
“What’s tiie situation, in Europe
today? Uncertainty, uncertainty,
uncertainty. That's a disaster,” says
Mr Paul Nyrup Rasmussen, the new
Danish prime minister.. As current
chairman of the EC Council, he
believes that Maastricht must be
ratified. But, above all, he wants
the EC to escape from economic
stagnation.
A senior official in the Bonn
Chancellery talks of “an accumula-
tion of uncertainties" posed by con-
cerns about immigration and infla-
tion, and by the perception of
impotence over the war in Bosnia.
He compares Germany to a con-
fused football team. “We have to
keep an playing while the rules of
the game are being changed."
East and west at least now recog-
nise their interdependence. Across
western Europe - not simply in
Germany, the only country which
Caught out by a
turning tide
David Marsh argues that Europe faces a
radical reshaping of priorities
has been physically transformed -
the upheavals in the east have
changed the mood of nations.
Would the withering of British
self-confidence during the past few
years have been quite so severe had
the post-Thatcher recession not
coincided with the end of the UK’s
cold war role as a guardian of a
divided Europe? In Italy, the east-
ern earthquakes have contributed
to the splintering of the old state
and party structures which held the
country for so long in the grip of
corruption.
In France, the diminishing of
President Francois Mitterrand’s
public standing was hastened by his
futile attempts at the end of 1989 to
hold up German unification, and his
underestimation, at the time of the
hardliners' coup in August 1991, of
the forces of reform in the Soviet
Union. And in Spain, the fortunes of
Mr Felipe Gonzalez are waning
partly because, as new eastern hori-
zons open, the country is facing
much greater competition in seek-
ing to attract foreign investors and
EC subsidies.
Through these setbacks to Euro-
pean hopes runs a common eco-
nomic thread. High Bundesbank
interest rates aimed at restraining
the inflationary pressures of Ger-
man unification have been a princi-
pal cause of the European reces-
sion. It could be as deep as the one
in 1975 (the last year EC economies
contracted), and more damaging.
The Maastricht treaty precepts
for economic and monetary union
(Emu), designed to lay down a path
for economic convergence and bud-
getary rectitude, have so for pro-
duced neither. The treaty set tar-
gets for fiscal deficits and
indebtedness as conditions to deter-
mine which EC countries could par-
ticipate in Emu later in the decade.
However, as a result of recession-in-
duced increases in social outlays
and cuts in tax receipts, average EC
deficits this year will amount to
between 5 and 7 per cent of gross
domestic product, well above the 3
percent target.
Although the Maastricht targets
are not meant to be reached until
1996 or 1998, a number of countries
(including Germany) are likely to
continue diverging from them dur-
ing the next few years. As a result,
a treaty ostensibly mapping the
route to Emu now appears to con-
tain built-in road-blocks.
One continental European central
bank governor, a long-time student
of the Bundesbank’s scepticism
about Emu, says: “I could imagine
that the Germans said they [the tar-
gets] were necessary because they
were impossible to fulfil.”
‘What’s the situation
in Europe today?
Uncertainty,
uncertainty,
uncertainty. That's
a disaster*
West Europe’s economic difficul-
ties would be bad enough if they
were merely cyclical But the EC's
falling competitiveness shows they
also embody an important struc-
tural element
Many EC countries, led by Ger-
many, have for several years been
registering foiling shares of interna-
tional export markets for manufac-
tured goods. The trend is linked to
Europe's high labour costs and
technological shortcomings com-
pared not only with the US and
Japan, but also with the emergent
capitalist economies of south-east
Asia. The EC ran a trade deficit of
$90bn with the rest of the world last
year - roughly three times its
2985-90 average. High production
costs partly reflect the burdens of
running generous welfare systems
which - for both economic and
demographic reasons - are becom-
ing impossible to maintain.
Reflecting on such structural
problems, Mr Alfred Grosser, one of
France's leading political scientists,
says the European recession is not
just “a temporary crisis". Rather, it
raises questions “over the way we
organise our industrial society".
Mr Grosser, a specialist on the
Franco-German relationship, says
basic links between the governing
classes in Paris and Bonn are in
good order. He adds, however:
“That’s of little significance." Com-
menting that unemployment and
economic uncertainty have created
a gulf between governments and
ordinary citizens, Mr Grosser says,
perhaps overdrama tically, The two
countries are in the process of fell-
ing apart"
Whatever the effects of recession,
Franco-German ties will remain of
utmost importance for Europe’s
future. One emotion at the heart of
the relationship is, however, French
mistrust of Germany - still not
allayed after nearly five decades of
post-war co-operation.
According to a survey after last
September’s French referendum on
Maastricht, 21 per cent of France's
Yes voters, and 40 per cent of No
voters, said that fear of Germany’s
domination of Europe had deter-
mined their voting stance. The
chairman of one of France's largest
banks says France still has a three
or four-year “window of opportu-
nity" in which post-unity Germany
will be “vulnerable ” During this
time, France will be able to negoti-
ate with Bonn; afterwards, Ger-
many will be too powerful
Mr Jacques Attali, president of
the European Bank for Reconstruc
tton and Development (EBRD), has
occupied a key vantage point in
Paris-Borm relations, and now has a
central role on another part of the
European stage. As President Mit-
terrand's foreign policy adviser dur-
ing the 1980s, Mr Attali was one of
Maastricht's architects. Now. how.
ever, Mr Attali calls it “the last
treaty of the cold war". The agenda
has moved on.
Mr Attali concedes that the main
objective of Maastricht is to “get rid
of the D-Mark". He stresses the
importance of finalising the treaty:
TU accept the word 'outdated' after
it's ratified”. But he adds that once
the treaty, as he hopes, passes its
hurdles in Denmark and the UK,
“the EC will have to think of some-
thing else”.
This could be, Mr Attali suggests,
the establishment of a pan- Euro-
pean common market to lock to the
west the economies of eastern and
central Europe. These countries
should also participate, he proposes,
in forma) political collaboration
with the EC, ideally, through imme-
diate full membership.
In common with Mr Attali,
Profess ot Alan. Winters, an
international trade expert at
Birmingham University, com-
plains about EC protection-
ism in its trade agreements finali-
sed over the last year or so with
former Soviet bloc countries.
Prof Winters says: “Noble concern
for the welfare of our brothers in
eastern Europe has been subverted
by entrenched economic Interests.”
He fiercely criticises EC import
restrictions in sectors such as steel,
agriculture and textiles.
Countries in eastern and central
Europe have made Impressive
strides in switching trade towards
the west. But the run-down of tradi-
tional industries has been much
greater than expected.
Allowing for anticipated modest
recovery in 1993, the combined real
GDP of Hungary, Poland and the
Czech and Slovak republics at the
end of this year will be roughly 20
per cent below that in 1988. Even
after zero or maybe negative growth
in the EC this year, the Communi-
ty’s GDP at the end of 1993 will by
contrast, be 8 to 9 per cent above
the 1988 figure.
Mr Jacek Siwicki, investment
manager in the Warsaw-based Pol-
ish-American Enterprise Fund, deal-
ing with privatisation and acquisi-
tions in Poland, was in 1991
secretary of state in his country’s
Privatisation Ministry. He says
errors were made in forecasting the
process of east European transition.
“We did not realise this is not like
a turaronnd of a corporation. It is
like a situation after a war - after
the atomic bomb has gone off. Mil-
lions of people are hurt and
injured.” Bringing about economic
regeneration, he says, “has to he a
managed process. You need a sur-
geon on the battlefield. You cannot
leave it all to the markets."
To help organise structural
change, Mr Roberto Leonardi, an
expert in government relations at
the London School of Economics,
calls for creation of pan-European
organisations similar to the Euro-
pean Coal and Steel Community of
the 1960s. Such ideas can find
favour with industrialists. The
EBRD has established informal
links with Eurofer, the European
steel producers' federation, to dis-
cuss steel overcapacity in east and
west
One board member of Mannes-
mann. the German engineering
group, says everyone would benefit
from an orderly sharing out of work
between steel companies in the east
and west In view of high German
production costs, “The quicker we
transfer production eastwards, the
less overall jobs fin Germany] we
wfil lose. We will gain new competi-
tiveness, new markets and new vol-
ume.”
If cooperative arrangements such
as this come to the fore, they wifi
reflect a redrawing of European pri-
orities. The links between action
and reaction in east and west are
now clear. Finding creative and
mutually beneficial ways of
responding to them is likely to dom-
inate Europe's post-Maastricht
agenda.
Observer
Come-back in
bear market
■ Stuffed koala bear makers,
currently producing Australia’s
leading tourist goods, are in danger
of being overtaken by a backward
industry, thanks to aerospace
engineer Conrad Stacey.
The Brisbane boffin has used
his computer to sharpen the design
of boomerangs, which have hitherto
lagged behind the bear market as
a tourist attraction. The reason
is that most of those in the shops
wont come back when you throw
them. About 85 per cent of them
are “rubbish”, the country’s
Boomerang Association says.
Stacey is promising a virtual
return-on- sale guarantee for his
version, measuring 16in long with
a 90 degree bend in the middle,
and called the Hooper after the
type of pinewood from which it
is made. “Even a beginner wffi get
it returning after about 10 minutes’
practice,” he claims.
Besides selling to visitors, his
improvement may start a comeback
in the boomerang's popularity with
native Australians. Although it
was first used by their aboriginal
precursors millennia ago, they have
since let their throwing skills slip.
The one throwers' dub in the
country is outnumbered a
hundredfold by clubs in America.
No Australian has ever won the
boomerang world championships,
which are to be held next in Japan
in 1994. And the world record for
longdistance throwing of a round
489 feet is held by a Frenchman,
Mifthri Dufayard.
Electric shock
■ The habits of a boring old utility
have been clearly left behind by
the biggest of the UK's hived-off
electricity generators, National
Power. After a mere couple of years
in the private sector, it is switching
its advisers on and off with
unseemly speed.
Out goes Lazard Brothers as
principal flnanrial adviser and in
comes J Henry Schroder Wagg,
while County NatWest has been
dumped as joint broker and
replaced by Smith New Court
However, even National Power
didn't feel brave enough to turn
off Cazenove, its other joint broker.
Presumably the privatised
generator is faring up ambitious
corporate plans.
Schroder's knows more about
regulation than most, and Smith
New Court has the number one
research analyst in the sector. But
wifl Smith ever again issue a seB
note on its biggest blue chip client?
Q.E.D.
■ We no longer simply have to
take Egyptian President Hosni
Mubarak’s word that recent
terrorism against tourists in his
country is the work of interlopers
from foreign powers. His claim
has now been backed by Egypt's
“The train-spotters have come out
in support1
English-language paper, the
Gazette, with what it clearly sees
as irrefutable evidence.
The attacks could not be
masterminded by an Egyptian, it
declares in an editorial “The proof
is the way such operations are
carried out It is professional"
In duplicate
■ Every Brit in business knows
that the interpretation at some
obscure point of UK taxation law
can represent the difference
between profit and loss, at least
for small ioh companies.
But which professional body
is best fitted to watch over the
training of future tax experts to
advise cm the Interpreting?
To date, the top qualifying body
has been the Institute of Taxation,
whose members, including lawyers
as well as accountants, have been
generally regarded as the ultimate
gurus on the subject. Now,
however, it feces a challenge from
within the Institute of Chartered
Accountants in England and Wales
whose tax faculty is proposing to
set up its own examinations.
The move seems to be taxing
tempers.
The faculty's chairman Peter
Wyman has complained that
institute members have been
organising opposition in an attempt
to nobble the faculty's exam plans.
Besides denying said charge, the
Institute's president Jennifer
Ainsworth has riposted that the
duplication “would be divisive,
would increase costs, and would
cause training difficulties for
major employers".
Whichever side may be right,
it is gratifying to see the
professional experts emitting the
sort of heat more usually displayed
by those whose role in taxation
is merely to pay it
Obiter dicta
■ How many bona fide two-letter
words are there in English? Anyone
knowing the answer off pat will
probably be an addict of Scrabble
(in which short words can be
decisive in end-play) and so have
cause to lament the death of the
game's US inventor Alfred Butte.
As old as the century and an
architect by training, he devised
the ward-based board game in the
1930s only to have it turned down
by manufacturers in the field. It
was not until the early 1950s that
the Macy’s retail chain began
selling Scrabble, paving the way
for an estimated total sale in
various languages which still seems
low at lOOm. He said he earned only
a few cents on each.
As for the two-letter words,
according to Chambers English
Dictionary, the number is 106. The
three-letter variety are far more
plentiful with 1,087.
O tempora...
■ Being upstaged, as opposed to
let down, by London Transport
is a rare experience. But Observer
suffered it yesterday at the hands
of Camden Underground station,
and in an unexpected context
Classical scholarship.
As a public rebuff to the
mock-Latin bandied about in this
column recently, the station treated
early commuters to the genuine
article. In the wake of repeated
security alerts, the electronic
indicator announced “Welcome!
Normal service today!”, then added
a quotation attributed to the
pok Horace;
Quamquam festinas - hom no
est tonga! (Although you’re in haste,
the delay is not long).
To which the obvious reply is:
Quid ais? (Is it possible?)
16
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FINANCIAL TIMES
Thursday April 8 1993
Fried lander
UN takes new tack on impasse
over Srebrenica evacuations
By Robert Mauttiner, Diplomatic
Editor, in London
GENERAL Philippe Morillon.
commander of United Nations
forces In Bosnia, yesterday made
a fresh attempt to break the
humanitarian impasse in Sre-
brenica, by trying to station
Canadian UN troops in the area.
His efforts follow the refusal
twice in the last few days by
local Moslem commanders to
allow convoys bringing in food
and medicines to the besieged
eastern Bosnian town to evacu-
ate thousands of old and
wounded people, women and chil-
dren on their way back.
The local Moslem leaders took
their decision in spite of the suf-
fering of the inhabitants of Sre-
brenica, whose population has
been swollen to 60,000 by refu-
gees from nearby Serb-occupied
areas, because they believe the
evacuation operation contributes
to the Serbs' policy of “ethnic
cleansing.*’
The Serbs make no secret of
their desire to incorporate the
Srebrenica region, which has
been allocated by international
mediators Mr Cyrus Vance and
Lord Owen to the Bosnian
Moslems, into a Serb-dominated
province.
However, Moslem officials have
indicated that, if Srebrenica can
be assured of UN protection in
the guise of a Canadian “blue hel-
mets” unit, they would be pre-
pared to allow the resumption of
the LIN’S evacuation operation.
An advance party of Canadian
troops left its central Bosnian
base yesterday, while the rest of
the company, totalling ISO men,
was dne to arrive in Srebrenica
today, the UN said.
The Bosnian Serb army com-
mand bad been informed of the
mission, but had not yet given its
reply.
In Brussels meanwhile, the
approval by Nato ambassadors of
final plans for using alliance
fighters to enforce the UN no-fly
zone over Bosnia, hit a last-min-
ute snag as a result of French
concerns about the rules of
engagement
French officials said France
was anxious to make sure the
no-fly zone was not enforced in
such a provocative way that it
drew everyone into a war.
As a result, it is possible that
final approval will be delayed
until today or next week.
In Sarajevo, snipers killed four
civilians trying to cross the air-
port runway after Bosnian com-
manders failed to sign a safe pas-
sage deal reached with their Serb
adversaries.
Peace plan in trouble. Page 2
Fighting fear in west. Page 2
Germany’s Nato role, Page 3
Fierce debate expected over spending plans and proposed tax increases
Clinton to unveil detailed budget
By George Graham
in Washington
THE US administration is to
publish its full budget today,
fleshing out the basic economic
package put forward by President
Bill Clinton in February.
However, this broad framework
has already been altered by Con-
gress, and the details of how the
administration plans to increase
taxes and cut specific pro-
grammes from beekeepers' subsi-
dies to space stations will pave
the way for fierce congressional
battles in coming months.
Several department heads have
found it impossible in the 11
weeks since they took office to
reshape their budgets in any sig-
nificant way. Mr Les Aspin. sec-
retary of defence, has acknowl-
edged that his department's
budget is “treading water” until
he can carry out a review of mili-
tary needs and objectives from
the bottom up.
Nevertheless, the budget will
bear the marks of the new Demo-
cratic administration, with lower
defence spending and higher
taxes on the wealthy aimed at
cutting the deficit, and increased
spending on environment, tech-
nology and infrastructure pro-
jects.
The budget resolution passed
by Congress sets out a path for
government spending to climb
from $l,507bn in 1994 to $i,801bn
in 1998. This trims cumulative
outlays over the five years by
$218bn from the baseline budget
submitted by former president
George Bush just before he left
office and by S19bn from Mr Clin-
ton’s original plan.
Revenues are to rise from
$l£42bn in 1994 to $l.5S4bn in
1998, $148bn more over five years
than the Bush baseline and $48bn
more than Mr Clinton's original
plan. The budget deficit is proj-
ected to fall from $262 bn in 1994
to $193bn in 1997, before climbing
again to $2G2bn in 1998.
These deficit projections, how-
ever, could be reduced still fur-
ther if Mr Clinton is unable to
persuade the Senate to pass the
$l6bu stimulus spending bill
which he says is necessary to
provide an immediate boost to
the economy and ensure that the
recovery does not peter out
The Republican minority in the
Senate has so far succeeded in
blocking the bilL Mr Clinton has
agreed to discuss changes to
meet some of their objections,
but he is fighting to preserve the
bulk of the bilL
Mr Robert Reich, the labour
secretary, said yesterday the
administration would be willing
to consider eliminating specific
items from the bill, but defended
its spending on areas such as
education, bridges and roads.
British prime minister John Major (centre, in glasses) goes walkabout in Coleraine, Northern Ireland, with security men and police
UK moves to restart N Ireland talks
By Ralph Atkins in London
THE UK GOVERNMENT is to
draw up its own proposals for a
devolved government in North-
ern Ireland in an attempt to re-
start political talks in the prov-
ince, Mr John Major, the prime
minister, announced yesterday.
Increasing the pressure on
Unionist and nationalist politi-
cians to resume negotiations, the
prime minister said: “There is an
opportunity to catch the mood, to
achieve a political accommoda-
tion.” He would be proposing an
■‘early start" to new talks.
Fresh reminders of the continu-
ing terrorist threat came last
night when a bomb exploded out-
side a Conservative club in Lon-
don. Earlier three soldiers were
wounded in an IRA mortar attack
in Northern Ireland.
Mr Major last night returned
from Northern Ireland to join
Mrs Mary Robinson, Irish presi-
dent, in attending a memorial
service for tbe two victims of an
IRA bomb attack in Warrington
last month.
Adding to the impression of a
growing consensus over North-
ern Ireland’s future, LIS president
Bill Clinton sent a strongly
worded message condemning
those who "support and perpetu-
ate" violence - suggesting be is
determined not to give any
succour to IRA supporters in the
US.
However, the Northern Ireland
Office yesterday appeared unde-
cided about what the govern-
ment's proposals for Northern
Ireland will involve. The move,
however, will end ministers' past
role as “neutral" arbiters
between local politicians and the
Irish government
Sir Patrick Mayhew has said he
he would like to devolve wide-
ranging powers to a new North-
ern Ireland administration - “at
least" to the same degree as the
Stormont government that was
suspended in 1972.
TTie starting point will be the
limited support achieved in last
year’s talks for a new assembly
plus executive for the province.
Sir Patrick could also propose
new mechanisms for involving
the Irish Republic in Northern
Ireland and protecting the
nationalist minority.
The main Northern Ireland par-
ties appeared content yesterday
to resume talks after the prov-
ince's local elections in May -
although they may be low key
and based on informal groups.
However, the Unionist and
nationalist traditions appear as
far apart as ever on the main
elements of any political settle-
ment. Mr Ian Paisley, leader of
the Democratic Unionist party,
hinted he was still looking for
firmer assurances that the Irish
government is prepared to negoti-
ate away its constitutional claim
on the north before he entered
talks with any enthusiasm.
Stalin’s secret
nuclear city
Continued from Page 1
side world - not least because of
a reduction in special state sup-
port which used to make its isola-
tion profitable - it is the victim
of difficulties in transforming
Russia's military-industrial
machine.
Mr Nicolai Yegorov, deputy
atomic energy minister, said last
month tbat Tomsk-7 had to con-
tinue to produce fresh plutonium
until it had a centre to recycle
ageing plutonium which needs to
be replaced periodically in
nuclear weapons not covered by
arms reductions treaties.
In an illustration of how mili-
tary and civilian economies were
linked in the Soviet Union, Mr
Y ego rev said another reason the
two reactors could not be closed
down until the year 2000 was
because they provided 40 per cent
of the beating for the nearby city
of Tomsk, the regional capital.
N. Sea oil industry says tax
changes threaten exploration
By Deborah Hargreaves in
London
NORTH SEA oil operators are
preparing to warn the govern-
ment that they will scale down
oil exploration severely if
changes to Petroleum Revenue
Tax proposed in the Budget
become law.
The UK Offshore Operators'
Association, tbe oil industry
group, has drafted a letter to the
Department of Trade and Indus-
try. saying that many companies
will be unable to meet previous
commitments made to the gov-
ernment over future drilling
activity because of the planned
PRT changes.
A survey published yesterday
by Ernst and Young, the accoun-
tants, found that 85 per cent of
oil companies expect job losses to
result from the PRT changes.
Some 40 per cent expected losses
to be much higher than the Trea-
sury’s estimate of 10,000.
The changes to the PRT regime
would reduce the tax rate for
existing oilfields from 75 per cent
to 50 per cent and abolish it for
new fields. The chancellor also
proposed to abolish tax relief for
exploration and appraisal work.
This mpans that companies will
have to pay 64p for every pound
spent on drilling activity, com-
pared with I7p now.
Companies say they applied for
previous licences to explore for
oil in the North Sea on the basis
that the rales would stay the
same. As part of those applica-
tions. they committed themselves
to drilling a certain number of
wells. Analysts say the industry
is comndted to drilling 170 wells
over the next couple of years.
Last year 116 wells were drilled.
If no tax relief is available for
exploration, many companies will
be unable to fulfil their obliga-
tions, the industry argues. But its
response is complicated by a row
between winners and losers from
the changes. Amerada Hess has
said it will halve its exploration
activity, but British Petroleum
said the changes would improve
recovery of oil from existing
fields.
Many companies want transi-
tional relief - tbe chancellor has
said that if companies had
already entered into contracts for
drilling wells, they can still apply
for tax relief. Companies want
that to be extended to firm com-
mitments for drilling wells.
Oil sector at odds. Page 9
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the lex column
Ringing the change
Even those excluded from the global
syndicate formed to market the third
tranche of the UK’s BT privatisation
must admit that the structure is a sign
of the times. In a global equity market
it mnkfts sense for large international
issues to be marketed globally by
investment banks with worldwide
reach. In tbe last BT sale, cross-border
marketing was permitted only to SG
Warburg. This time the geographical
restriction has been relaxed. The hope
is that the sale will proceed more
smoothly as a result.
Still, the UK Treasury is taking
some risks. Tbe structure also gives 11
banks exclusive rights to market the
paper to the 500 top institutions world-
wide who would anyway be expected
to tafcp up the lion's share of the issue.
It is to be hoped that in return for this
privilege members of this group will
compete effectively against each other.
Otherwise the arrangement will go
down simply as providing jobs for tbe
boys. This risk would be higher if tbe
selection process were distorted for
political reasons, for example in the
vain hope of reciprocity in other coun-
tries' privatisation deals.
One test will be whether overseas
buyers take up more than tbe 40 per
cent share of the institutional tranche
they absorbed last time round. The
talents of BZW and NatWest Securities
would then have been put to good use.
The risk is that the opposite happens
and tbat the likes of Daiwa and Pari-
bas discover hitherto undreamed of
skills in selling to UK institutions.
Having been given the opportunity,
they will presumably try their best
Queens Moat
Comforting though it is tbat Queens
Moat Houses still has positive net
worth, that addresses only part of the
concern. The company also faces the
task of generating enough cash to ser-
vice debts which must easily exceed
£lbn. Hotels traditionally generate lit-
tle cash, which perhaps explains why
many chains are part of diversified
groups and why Queens Moat, as a
pure hotel business, had recurrent
need for outside funds. Its cash prob-
lem is now compounded by the down-
turn in Germany and by self-inflicted
damage from its manager incentive
scheme. One solution would be a pro-
gramme of disposals. That would
worry other operators because of its
impact on the already depressed val-
ues of UK provincial hotels. Nor would
it necessarily help Queens Moat The
easiest hotels to sell would be those
FT-SE index: 2822.6 (-10.1)
UKhoiels
Sham prices retail ve to tt»
FT -A a; (-Share Index
250
•20Q
.1983 84 SS 86 8T 88 88 80 81 82 0 '
Boxes: twatrtwwi . - f
generating most cash. Without them.
Us liquidity problem could worsen.
An elegant alternative would be for
Forte to satisfy Its diversification
ambitions by buying Queens Moat’s
European portfolio. The best of these
hotels operate under the competing
Holiday Inn franchise, though, and
Forte may use the the Queens Moat
crisis as cover to cut Its own - uncov-
ered - dividend next week. Re basing
the payout could open the way to an
eventual rights issue. But funds would
mostly be needed to repay debt leav-
ing room for little more than a nibble
at Queens Moat Bank lenders may
end up effectively running the com-
pany for some time. Since they will be
squeezing out what cash they can,
competitors can expect some pretty
aggressive pricing.
ICL
Few investors would experience par-
oxysms of excitement at the prospect
of investing in a company which gen-
erates just £26m of distributable prof-
its on sales of £2.5bn. Throw in fast-
changing markets, weighty capital
spending needs and ferocious competi-
tion and it all adds up to a seemingly
unpalatable brew. Yet some time
before the end of 1995. ICL, the UK’s
flagship computer company in which
Fujitsu holds an 89 per cent stake, is
committed to a partial flotation. It
would be wise to be patient.
Yesterday’s results certainly showed
ICL to be performing more resiliently
than most dared hope. To record any
profit in today’s unforgiving computer
markets ranks as a considerable
achievement. ICL has proved nimbler
than most in moving away from mam-
frame markets into more profitable
services and mid-range systems. It has
also demonstrated stringent manage-
ment controls, mitigating a 6 percent-
age point fell in gross margins by cut-
ting Us operating expenses to revenue
ratio by 2 points.
Yet there are few signs of any mar-
ket upswing; indeed trading condi-
tions may deteriorate further this
year. This makes the timing of any
flotation tricky given the momentum
of expectation building both withm
and outside the company. It would be
a shame if ICL felt compelled to fatten
itself up for the market and let
short-tenn considerations impinge on
its development. Its alliance with
Fujitsu has created the confidence to
Increase research and development
expenditure and make acquisitions
throughout the recession.
Nurdin & Peacock
Nurdin & Peacock’s 9 per cent
increase in annual pre-tax profits rep-
resented a better performance than
the martiet expected. But the compa-
ny’s bold departure this year in invest-
ing £20m in opening two US-styie
warehouse clubs either suggests a
hiph degree of fear about the future of
its cash-and-carry business or unac-
customed aggression about opportuni-
ties in retailing.
Although well-trailed, N&P's move
is likely to be seen as a further blow to
sentiment in tbe ravaged food retail-
ing sector. Warehouse clubs, selling a
narrow range of heavily discounted
goods, will not quickly win huge slices
of market share. Mainstream retailers
will not worry greatly about N&P
given its unproven retailing skills -
although the arrival of Costco of the
US is a more serious proposition. The
worry is that tbe warehouses will lead
to greater consumer fixation with
price, lowering the margin structure
throughout the industry.
Norwich Union
The chancellor should not quake in
his boots to find Norwich Union think-
ing of switching from gilts into equi-
ties. Investment fundamentals aside,
the move into bonds 18 months ago
was not unrelated to the declining free
asset ratio of Norwich Union's main
life assurance fond. Since the strength
of the fund has unproved it is only
natural for investment strategy to
adapt. There are plenty more life and
pension funds with good reasons of
their own for favouring gilts.
ADVERTISEMENT
NEWS
REVIEW
BUSINESS
Search and attack
sonar systems for
Royal Navy
■ Bferranti-Thomson Sonar Systems
UK Ltd has won a Ministry of Defence
contract to supply four Search and
Attack Sonars for tbe Royal Navy
This latest order was won in open
competition with other UK defence
manufacturers and is the fourth for
Sonar Type 2050 bringing the total
number of systems ordered by the
Rpyal Navy to thirty-one. Sonar Type
2050 is designed for anti-submarine
operations and' is being fitted to the
Royal Navy's front-line destroyers and
frigates.
A Search and Attack Sonar, Type
2050 features high performance active
and passive sonars designed to detect
and track multiple targets
simultaneously.
Degaussing project
Fbrran ti -Thomson has also won a
Ministry of Defence contract worth
over £400,000 to manage the
development and system integration of
a computer controlled degaussing
system fiir submarines. The contract
will be managed from the company's
Weymouth facility.
Degaussing is an electro-magnetic
process used to control magnetism in, a
ship or submarine so as to protect it
against magnetic mines. Aircraft
mounted detection systems can also
locate the presence of a submerged
vessel by measuring anomalies in the
earth’s natural magnetic field.
Work, under the contract will include
the implementation and formal
verification of the degaussing system
software and die setting to work of a
complete system on a Royal Navy
submarine.
RAF electronic targeting
■ The competition to provide the
Royal Air Force with Semi Active
Radar Ihrgets (SARD for in-
service practice filings of air-to-
air missiles has been won by
Fbrranti International at Poynton
in Cheshire.
The Ministry of Defence
contract, worth around ^/nn,
requires Ftrranti to act as Prime
Contractor for tbe supply of 80
SART systems, together with
associated support services and
ground test equipment.
SART systems are towed by
remotely piloted aircraft. The
equipment simulates a larger
aircraft by producing an
enhanced radar return when
illuminated by the radar of the
attacking aircraft.
A key technology is the design of
the antenna subsystem which is
required to operate over a wide
frequency range and give a wide
angular coverage, Jferranti has
developed suitable antenna sub-
systems and the award of this
contract has confirmed the
company’s lead in this highly
specialised field of microwave
engineering.
Smart mines investigation
■ ferranti International has been
awarded valuable study contracts from
the United States Army Belvoir
Research Development and
Engineering Center iBRDECi to
investigate technologies applicable
to advanced mine warfare
countermeasures.
The work will be undertaken by
the company's Wfeapon Systems
Engineering Group in Oldham,
Lancashire. Commissioned by the
BRDEC Countermine Systems
Directorate, it involves the conceptual
design of countermeasures to various
types of 'smart' mines and in
particular, the feasibility of providing
vehicle protection against off-route
and top attack munitions.
The new BRDEC contracts
complement a similar study awarded
in April 1992. This involves Ffenranti
in the US Side and Tbp Attack
Neutraliser (SATAN i programme,
thus positioning the company
alongside major US defence companies
and government agencies in this field.
Developing effective advanced
countermeasures is necessary to keep
up with emerging technologies in
mine warfare. As manpower levels are
being reduced, military planners are
now placing greater emphasis on tbe
use of mines to restrict the movement
of opposing ground forces.
Fferranti is widely recognised for its
expertise in mine warfare with a world
lead in intelligent influence frizes and
other key technologies.
Nuclear Electric data systems
Contracts from Nuclear Electric to
provide additional real-time data
management computer systems and
support facilities for the Dungeness B
power station have been awarded to
rbrranti International.
The order marks the first sale of the
Jferranti OpenPMS Supervisor for use
in a power station application.
Designed to run on industry standard
UNIX processors, the new system
updates the original PDP II data
logging facilities while also providing
greater flexibility for further systems
integration.
The data logging function covers
ancillary plant instrumentation
monitoring pressure vessel tem-
peratures and boiler pressures.
Computers are used to gather the
information, check readings against
preset limits and communicate with
the station control room.
FERRANTI
international
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FFW IMMaW
N(.‘t Profit through Networking
with:
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flu tiding Business Networks
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0633-113600 07i 638i
FINANCIAL TIMES
COMPANIES & MARKETS
Bryant
Group
I nvcNt in Quality
HOMES PROT'ERTIES " CONSTRUCTION
021 :i) 1212
inside
New products help
L’Oreal rise 16%
Genetic company L'Orfial mustered a 16 aer cent
Increase m pre-tax profits to FFr4bn«74i JLCeffl
^ new products, said Mr Lindsay
^WKtones, chairman and chief executive^
GM strengthens
SjE'iSSS’ ttlB GS carmaker, said first quarter
pfesware stronger than predicted, and it expected
results for the period. It tedueto
report Its earnings later this month. Page 19
Further loss for Speyhawk
^leyhawk, the technically Insolvent property (forel-
eg, yesterday announced a pre-taxtoeaerf
for 019 year ended September 30.
This loss, which fbNowed a £21 6.8m kiss In the
previous year, resulted mainly from further write-
downs of E67.3m against Investment and develop-
ment properties. Pago 24
Upturn expected in Austria
Just over a month ago a
faM In Austrian Interest
rates helped the ATX index
to a peak of 860.17. Then
a combination of a techni-
cal correction, negative
economic and corporate
news and political uncer-
tainty cut the rally short.
Some analysts say prices
might go through another
upturn of 10 to 15 per
cent in the summer. If
short-term interest rates
leas
Source Daamauiii
continue to fall. Back Page
Treaty on timber
Negotiations oh a tropical timber accord to replace
the 1983 United Nations agreement begn next
weak amid pressure from environmental groups for
tougher rules on forest conservation. Producers wfll
press rich nations to share the burden <rf tropical -
forest conservation, by increasing financial assis-
tance and facilitating technology transfer. Page 32
FT-Actuaries World Indices
A new structure of industrial sector classifications
for the has been published in draft form by the
committee which supervises the Indices. An outline
of the new structure is published In this issue.
Details, Page 20
Market Statistics
Basa lending rates 40
Bendvnarit Govt bond! 22
FT-A indees 33
FT-AwHMfnOMS Sack Paa»
FT fixed interest ImflcBS 22
FTflSMA bit bond tve 22
Financial ftduss 40
Forattr exchanges 4Q
tendon recent issues 22
tendon sftee service
LWe equity options
tendon fra®. options
MannBOd fond service
Money markets
New bit bond Issues
MWtf nmmo%prias
World stock mkt bvflcw
IK *idends announced
22
22
30-40
40
22
32
«1
24
Companies In this Issue
AAH
AJcatol Alsthom
Armco
Aston Martin Lagond
Audi
BSL
BMW
BT
Barclays
Black &Edgmgton
Blocklcys
Brammer
British Gas
CRA
Clark (C&J)
Coal and ASed kids
Credit Sank
Dagenham Motors
Davis Service
Da La Rue
Dewhbst
Digital Equipment
FBO
Flat
GM
Groups Victor*
Heineken
Hewden Stuart
EBggs & H»
Hunting
K3L
IMG
26
John Falrtax
21
18
Kbp
18
19
LeBott (John)
20
12
Lucas Inds
28
17
L'CWta!
18
18
Maho
19
1
Martin Inti
28
25
MIcheBn
18
17
Mtd-Stetea
28
28
Morgan Stanley
19
28
Mowfem (John)
25
24
Nurdtn & Peacock
28
33
CHS Inti Inspection
28
21
PWA
20
25
Pelican
25
21
Premafln
18
21
Queens Moat
18
28
Reuters
33
25
Rotte-Royce
12
26
Rothmans Inti
33
25
Savoy Hotel
25
12
Severfleld-Reeve
28
28
Sherwood Computer
24
1
Sherwood Group
24
19
Sketchtey
24
18
SoJvay
18
19
Speyhawk
24
24
Stylo
25
25
Swissair
17
29
Troib
19
17
WeHcome
33, 1
18
Western Mining Carp
21
24
Wfeon iConnoOy)
25
Chief price changes yesterday
NMMOWirfOIQ
wwttimj
BMW [BT]
Mndort
MEW YORK m
tear AMnai
Bear Stem
USAir
PaBi
Cyprus iflnsnbi
Pniqs Dodge
New York prices «t 1230pm.
950
+
25
EridBof! ster
737
+
5B&B
*
1B.7
PMrit Pmbflps
721
+
545
+
ID
Soflmag
491
*
951
+
27
fete
DSN
973
-
477
-
11
Fonc LjamdPi
830
-
750
13
BwwHMri
TOKYO (Vaa)
560
67% +
m
Mm
Moan
1580
Ion
22tt
■*
44
Hi
Junto Brt
600
570
21
an
44*
-
1
2
2
1MUC
Saris
Tbyofato
13«
1850
1400
*
+
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37
COHPOH 9*wwa|
t&Ca
>3 Pat
BWtato
20
45
as
280
219
ISO
58
354
558
874
Foiwart&p
Frost
atoms
HIZ
Rahmans
Shmood Comp 311
sum* *
IBS
IBS
404
955
815
IlhBcwe
a -
88 -
US watchdog wants stock options disclosed
By Karen Zagor In New York
US COMPANIES Krill have to
disclose the value of options
granted to executives and deduct
them from profits under an
accounting rule change proposed
yesterday by the Financial
Accounting Standards Board
(FASB).
However, FASB, a private sec-
tor group which sets standards
for the accounting industry, tried
to placate institutional investors,
who have argued in Savour of the
changes, and companies who
have opposed them, by proposing
a three-year interim measure.
The full force o( the proposal
would not take effect until 1997.
Stocks options can bloat an
executive's salary. In 1992. Block-
buster Entertainment's chief
executive had $65.7m in stock
option gains, the head of Toys ‘R’
Us received $30.5m from stock
options and Chrysler’s Mr Lee
lacocca reaped profits of $5.8m In
stock options.
Under the plan, grants of stock
options would be listed In a table
in the footnotes of finawHai state-
ments for three years after
the accounting change is
approved. Thereafter, stock
options would be recognised
as an expense on the day the
options are granted, but
the expense would be spread
over the entire vesting period.
The stock would be valued
using an options pricing model
that would take company growth
and the stock's volatility into
account.
FASB has been under pressure
to change the rules governing
stock options since 1991, when
Michigan senator Mr Carl Levin
introduced a bill that would
require stock options to be val-
ued and charged against earn-
ings. Senator Levin recently rein-
troduced the bill to force an
accounting charge if a FASB rule
is not adopted soon.
While institutional shareholder
groups have supported the pro-
posed accounting change, some
corporations have opposed It.
Treasury secretary Mr Lloyd
Bentsen wrote to FASB voicing
his reservations about the pro-
posal “which would require com-
panies to take a highly debatable
charge to earnings when grant-
ing stock options".
Mr Bentsen has called for an
alternative that would stress full
disclosure without changing cur-
rent accounting rules.
The FASB proposal comes at a
time of increasingly tough rules
governing disclosure of executive
pay.
Swissair claims lead in European airline link-up
By lan Rodger in Zurich
SWISSAIR yesterday claimed to be leading
the negotiations among four medium-sized
European airlines that could result in
their merger. "The Initiative is on our
side, even if we are more reserved than
some others,'’ Mr Otto Loepfe, president,
said at the Swiss airline group’s annual
press conference.
The airlines - ELM Royal Dutch Air-
lines, Scandinavian Airlines System, Aus-
trian Airlines and Swissair - announced
in January that they were studying ways
of intensifying co-operation to improve
their competitiveness. Since then, the
other airlines have speculated on the out-
come of the folks but Swissair has said
nothing. “It is not that we are hesitant,"
Mr Loepfe said yesterday. But the negotia-
tions were very complex and decisions
could not be reached quickly.
Mr Hannes Goetz, chairman, said Swiss-
air's objective in the negotiations was to
increase the “mutual commitment” of the
partners. A merger was possible, but it
would take a long time and would
threaten each company’s traffic rights.
“We would like to look for a form of
company which could be established with-
out the need for any change in national
airline legislation or any loss of traffic
rights,” Mr Goetz said.
He said the discussions were focusing on
a decentralised model for operations, and
made clear that Swissair intended to main-
tain its global identity.
“Swissair is and aims to stay part of a
global airline system,” he said. Its
existing co-operation agreements with
Delta Air Lines of the US and Singapore
Airlines were vital to this strategy, he
added.
Mr Loepfe predicted that many long
established flirtings would disappear in the
near future “at least In their present
form”, but Swissair would not be one of
them. He said that if a cooperation plan
among the four European airlines went
ahead, then they would have to decide
which was the best US partner. KLM has a
large minority stake In Northwest Air-
lines.
Swissair’s results in the first few months
were “encouraging”, said Mr Loepfe. and
the group was confident of a profit this
year. Last year, net income rose 36.1 per
cent to SFrll3m ($76m). However, the
group would have been in loss but for
SFrl79m proceeds from aircraft sales.
John Gapper reports on how the UK bank
hopes to avoid the lending mistakes of the past
Barclays closes the book
on an unhappy chapter
The senior Barclays execu-
tive in charge of approv-
ing many of the poor loans
which led to a £242m ($367m) pre-
tax loss at the UK bank last year
is to leave.
Barclays said yesterday that
Mr Marie Deverell, 52, the direc-
tor of risk management, had
"agreed to leave". Hie hank Is
also announcing today a new
structure to control and balance
its lending. The reforms include
the breaking-up of the .“central
advances department” which Mr
Deverell headed.
Mr Deverell, former chief exec-
utive of Barclays' subsidiary In
Australia, took over risk manage-
ment in 1989. The property lend-
ing which contributed to £1.96bn
provisions for UK bad debts last
year rose rapidly in 1989 and
1990.
Barclays' management has
faced sustained criticism by
investors. Mr Andrew Buxton,
the bank's chairman and chief
executive, has announced that it
will appoint a new chief execu-
tive from outside the bank this
year.
The bank will disclose its new
structure for controlling risk -
along with Mr Deverell’s depar-
ture from May - to its managers
today. It has appointed Mr
Brown, 47, and formerly chief
executive of Barclays in Japan, to
take charge as director of group
credit policy.
Mr Brown said he intended to
reduce lending to property, con-
struction and hotel companies.
He said executives had been too
rushed by the growth of loans in
the late 1980s to balance the lend-
ing properly.
“We undoubtedly feel that we
were too aggressive in that
period. That means you take on
business at a speed which makes
your executives so busy that they
cannot be as thorough as they
could be before,” said Mr Brown.
He says the balance of loans
was distorted towards property,
construction and hotels because
the 500 managers and staff under
Mr Deverell were swamped; “We
hnd the classic business dilemma
of choosing between things that
are important and things that are
urgent The balance was wrong.”
Barclays' past lending
emus can be sera by
comparing its portfolio
and provisions with
those of National Westminster,
the second largest British bank
by assets. The banks have lent in
roughly the gWTr|p proportions to
most sectors, but Barclays has
much more exposure to property
and construction.
Barclays was always strong in
property and construction. But
the two sectors proved for more
risky than in the past Together,
they accounted for only lW per
cent of its loan book last year.
But 88 per cent of its El Mm pro-
vision against UK lending in the
UK related to them.
A second problem was over toe
approval end monitoring of indi-
vidual loans. Each loan of more
than £5m was approved by at
least one executive in GAD, aim
monitored by the bank’s risk
management committee. This
comprised senior directors and
executives which reviewed bad
debts and exposures. .
Mr Brown says that this com-
mittee - despite the emphasis
Rebalancing act
.BAMiAYS
Atab Brewn, director, grwperadt pedtejf
Barclay!1 «Kf NfltWoaT* UK loan portfolio* 1092
Seda* tending as % oftofal loan ptwtfpfio .
m •• . ,, .. ; ;
t2 *1 S3 Barclays □ NatWest f
10 1 ''■■"■■MHU'M.y.wg-BS.
Agucutture r ttanu&ctisJng 'tXstrBwBon
P :i
Coootrocooo .
Barcfe**’ UK loans and peovfejon* 1992 ^
20 ‘ ■ Loans as % of total toms
□ Provisions as a 95 of total provisions
3&49S'
Agriculture Manufacturing ■: distribution
Propel &
' conttraetfon'
ICL profits halved
due to competition
By Alan Cane, in London
ICL, the UK-based computer
company in which Fujitsu of
Japan has a majority stake, saw
profits before tax almost halved
last year because of the price
competition and harsh market
conditions afflicting almost every
computer manufacturer today.
Revenues, however, rose 32 per
cent and the company generated
net cash flow from operations of
£240m ($364m).
Profits before interest and tax
were £60.6m, compared with
£78.9m last year, a decline of 23
per cent. Profits before tax were
£38. 6m, compared with £62.4m
last year, down 38 per cent -
Revenues rose £2.48bn from
£lA7bn last year. Mr Peter Bon-
field, ICL chairman and chief
executive, said most of the
growth was the result of the con-
solidation of acquisitions includ-
ing Nokia Data and Sorbus.
Organic growth was probably
only 5 per cent The overall mar-
ket however, was either flat or
in decline, implying the company
had performed well to show
growth at alL
ICL spent £242m on research
and development in 1992, 8.5 per
cent more than in 1991. chiefly in
the development of new personal
computer models manufactured
by the Nokia data subsidiary. It
is now a significant player in the
European PC market.
Net debt at December 31 was
£94 .2m, equivalent to a gearing of
35 per cent after capital expendi-
ture, acquisitions, rationalisation
costs and financing charges.
ICL’s results are of more than
academic interest to the London
market because of Fujitsu’s
intention to float at least 25 per
cent of the company at a mini-
mum price of 225p a share by
1995. Plans for the flotation are
still on track, Mr Bonfield said.
Advisers and merchant bankers
- had been appointed.
Mr Keith Todd, director of
finance, said operating expenses
had been driven down from 25
per cent in 1991 to 23 per cent
last year and further improve-
ment was expected in 1993. The
acquisition of Technology, a com-
puting services company and per-
sonal computer distributor which
traditionally operates on narrow
margins, had been a catalyst for
the rest of the company, he said.
ICL now had important strate-
gic alliances with Fujitsu for
large systems, Sun Microsystems
of the US for mid-range machines
and Microsoft in the PC area.
Lex, Page 16
Audi and
Porsche in
new sports
car venture
By Christopher Parkes In Munich
AUDI, the Volkswagen group’s
quality car subsidiary, wilt
shortly launch a new model
developed and built In collabora-
tion with sports-specialist Por-
sche.
The still-secret newcomer will
be unveiled in September and
deliveries will start next year,
Mr Franz-Josef Kortiim, Audi
chief executive, said yesterday.
The venture would help stabi-
lise loss-making Porsche, but
association with such a high-
quality manufacturer would also
aid Audi in its efforts to estab-
lish Itself alongside Mercedes-
Benz and BMW as a top-rank
marque- Mr Ferdinand PiSch,
VW group chief executive, is also
a member of the family which
controls Porsche. Mr PiSch. who
last week unveiled a DM 1.251m
($770m) first-quarter loss for the
group, was head of Audi until
the end of last year.
Audi also fell into loss in the
first quarter, Mr Kortiim said,
daring which production was
slashed 42 per cent to 76,000
cars. But in contrast to the par-
ent, which is aiming to break
even in the foil 12 months, Audi
was well placed to show a profit,
he said.
Deliveries to customers in the
first three months of this year,
down 31 per cent at 95,000
vehicles, had been partly main-
tained from stocks built up after
the slump struck in the second
half of 1992. Sales in Germany
were so for down 37 per cent at
43,000 units and turnover had
fallen 36 per cent to DM2j}bn.
Full 1992 figures, released yes-
terday, showed net profits down
from DM370m to DM 172m on
record turnover of DMl6.7bn and
peak deliveries of 490,000 cars.
Audi this year expected to ben-
efit from lower input costs stem-
ming from co-ordinated group
buying and farther job cats.
Same 4,000 of the 37,700 workers
are expected to go, bringing 'the
workforce down to levels last
seen 10 years ago, when the com-
pany made 380,000 cars a year.
“The joint venture with Porsche
makes it self-evident that we are
talking about a very sporty
vehicle," Mr Mr Kortiim said. It
will be sold exclusively under
tbe Audi badge and based on an
existing production model.
The deal signals the shelving
of the company's Spyder sports
car project unveiled to critical
acclaim in 1991. Market condi-
tions had changed since the Spy-
der was first conceived, Mr Kor-
tiim said.
BARCLAYS BANK has added
£200m (9303m) to its capital base
at an attractive cost, by using an
innovative structure which may
be imitated by other banks,
writes Tracy Corrigan.
The structure of the undated,
subordinated issue gives the
hank the option of extending the
maturity of the debt indefinitely.
Unlike most perpetual debt,
the upfront cost of the deal is
only about half a percentage
point more than for dated, subor-
dinated debt, for the first 15
years.
“If investors accept that this is
the correct pricing, we could cer-
tainly see more of these deals,**
said one UK investment banker.
International bonds. Page 22
placed on it in Barclays' annual
report - met infrequently.
“They did not meet on Individ-
ual loans yni«R there was a spe-
cial reason. They passed the
proposition around. first per-
son signed, and then the second,
and so on,” he says. “There was a
danger that because the first per-
son said yes, so did the others.”
Under Barclays' new structure
- which will be put in place this
month - there will be three
changes.
The first is that Mr Brown will
head new “group credit policy
unit” which will monitor expo-
sures and balancing the portfolio.
Mr Brown says this means there
will be a smaller proportion of
property lending, as well as shifts
in country exposure, and the re-
pricing of loans in some other
lending areas.
“We have still got a big busi-
ness here. We are not talking
about dumping whole categories
of customers, but of lightening
the load in certain areas,” he
says.
He expects that over two years,
the bank will be able to rebalance
its portfolio to match a new com-
puter model of credit risk it is
developing.
The model Is expected to be
applied to all but the smallest
loans within a year. It rates risk
according to factors such as
industry sector, company size
and history, and financial infor-
mation.
Barclays has drawn it up using
data on large loans dating back
six years in the UK.
The second change is that the
loan approval responsibility of
the CAD will be broken up.
Instead, there will be separate
risk management departments
within the banking and invest-
ment banking divisions. This is
intended to give a greater sense
of responsibility for loans to
those who make them.
All loans which would have
had to be approved within the
CAD previously will be allocated
to a single “responsible execu-
tive” within the tine divisions.
This executive - drawn from a
group of about 150 around the
world - will have to follow each
loan through to the end.
Tbe third change is that the
rarely-meeting risk management
committee is being scrapped, and
a “group credit committee” will
be put in its place. This will be
chaired by Mr Humphrey Nor-
rington, a vice chairman of Bar-
clays, and wfll meet dally to dis-
cuss individual exposures of
above £150m.
Will this new scrutiny leave a
bank that just looks like all the
rest? Mr Brown says It wants to
remain distinctive, but its tradi-
tions will be under scrutiny.
“Where we are different, we wfll
want to have asked ourselves
why in a diligent, professional
manner," he says.
Trading Places
on 12th April 1993
Our new address will be:
Cannon Bridge
25 Dowgate Hill
London EC4R 2GN
Switchboard: 071-337 3500
Facsimile: 071-337 3501
Telex: 884962
■ International Futures and Options
-Financials and Stock Indices
-Energy and Commodities
■ OTC Government Bond Options
■ 24 hour Foreign Exchange
■ Electricity Forward Agreements (EFA)
■ Managed Futures
■ Multicurrency Fixed Interest
Asset Management
■ Global Clearing Services
GNI Limited
Member of SFA
London ■ Chicago ■ Paris ■ Frankfurt ■ Geneva! Jersey ■ Bahrain ■ Bermuda
Michelin remains gloomy
despite return to profit
INTERNATIONAL COMPANIES AND FINANCE
Alcatel surpasses
By David Buchan In Paris
MICHELIN, the world’s largest
tyremaker, Is to launch
another cost-cutting plan in
spite of a profit of FFr79m
($14. 6m) in 1992.
After losses of FFr4.8bn in
1990 and FFr699m in 1991. last
year’s small profit came on
worldwide sales which were
steady in terms of volume, but
fell by 1.2 per cent in value to
FFr66.8bn because of the
decline of the US dollar and
several European currencies
against the French franc.
Mr Eric Bourdais de Char-
bonniere, finance director, said
the group was aiming to save
FFr3.5bn over the next two
years. He did not rule out fur-
ther job losses, particularly in
Europe. The company made
16,000 redundancies in 1991-92
and introduced short-time
working in its French facto-
ries.
Michelin forecast that, if the
second quarter of this year
showed no improvement over
the first quarter, it would
record a loss for the first six
months of 1993.
in spite of the poor economic
climate, sales of replacement
tyres could increase as car and
truck owners used their exist-
ing vehicles longer instead of
buying new ones. Michelin
said. The fall in the European
market in the second half of
last year offset the upturn in
the US market and virtually
wiped out Its first-half profit of
FFr820nx
The company is paying a
FFrl.fiO dividend on Its fully-
paid A shares and FFrl.50 on B
shares.
With its Uniroyal-Goodrich
operations in the US, Michelin
claimed to have maintained
last year its 20 per cent share
of the world market, against
Bridgestone with 16.5 per cent
and Goodyear with 16 per cent
The company’s gloomy pre-
dictions tor 1993 helped send
its shares down in early trad-
ing on the Paris bourse, even
though Mr Bourdais de Char-
bonntere yesterday ruled out
any early capital increase, a
possibility that had recently
depressed Michelin stock.
L’Oreal lifted by strong sales
By Alice Rawsthom In Paris
L’OREAL. the largest
cosmetics company, mustered
a 16 per cent increase in pre-
tax profits to FFr4bn ($741 m)
in 1992 from FFr3.45bn In 1991.
in spite of the sluggish state of
the global beauty products
industry.
Mr Ltndsay Owen- Jones,
chairman and chief executive,
said that the group had over-
come difficult economic cli-
mate due to the success of new
products, notably the Lancome
skin care range and Trdsor, the
fragrance, and a strong perfor-
mance from the Synthdlabo
pharmaceuticals subsidiary.
L’Oreal is subject to specula-
tion about its ownership. The
group is controlled by Mrs Lil-
iane Bettencourt, the founder's
daughter, who owns 51 per
cent of Gesparal, the holding
company that controls 55 per
cent of L'Ortal's shares.
Nestle, the Swiss food group,
owns the remaining 49 per cent
of Gesparal and has stated that
it hopes to secure control of
L’Or&l.
Technically, Nestle will be
free to do so from the end of
this year, when its agreement
with Mrs Bettencourt expires.
However, Mrs Bettencourt has
promised not to cede control
during her lifetime.
L’Oreal saw consolidated
sales rise by 12.3 per cent to
FFr37.57bn last year from
FFr33.44bn in 1991, with net
operating profits rising by 19.8
per cent to FFr2.59bn from
PFr2A6bn.
Earnings per share rose to
FFr 39.50 from FFr34.70. The
dividend increased to FFi9.60
from FFr8.40.
UK hotel group
may face probe
By Robert Poston,
Banking Editor
The London stock exchange's
insider trading group is expec-
ted next week to pass to the
Department of Trade and
Industry the results of a pre-
liminary Investigation into pos-
sible insider trading of shares
in Queens Moat Houses, the
UK hotels group, an official
disclosed yesterday. The DTI
will decide whether to launch a
formal investigation under Sec-
tion 177 of the Financial Ser-
vices Act This could involve
the appointment of a lawyer
and accountant as inspectors.
French insurer dragged
down by Baltica stake
By David Buchan
GROUPE VICTOIRE, the
French insurer, yesterday
announced an 88 per cent
plunge in net profits to
FFr2l4m ($39. 6m) last year
from FFr 1. 8tin in 1991. ft was
dragged down by its stake in
Baltica. the troubled Danish
insurance company.
Mr Gdrard Worms, chairman
of Victoire as well as of the
Suez group to which the insur-
ance company is linked, fore-
cast that “the 1993 profit will
be clearly above that of 1992.
but not at the level of 1991".
Baltica. in which Victoire
has a 23.7 per cent s take, has
hit problems in its property
and banking activities, and it
accounted for about FFrlbn of
the French insurer’s loss. Vic-
toire has cut its dividend to
FFr 6.5 a share from FFr 19.5
the year before.
• The Basque Fran^alse da
Commerce Exterieur, specialist
in trade and investment cred-
its, yesterday announced a rise
in net profit to FFrl37m for
last year, compared to FFrll5m
in 1991.
Premafin
shares hit
by warning
of losses
By Haig Smonlan in Milan
SHARES in Premafin, the
Italian holding company con-
trolled by property magnate
Mr Salvatore Llgresti. fell by
more than 8 per cent following
the forecast of heavy 1992
losses and a big rights issue.
The group announced the
promotion to executive deputy
chairman of Mr Giorgio C-efls,
a former Morgan Grenfell
banker, and the appointment
of Mr Carlo Cianl, managing
director of the Coin depart-
ment stores chain and previ-
ously with Mediobanca, as
executive deputy chairman of
Mr Ugresti’s privately-owned
Nuova Finanziaria Moderna
holding company.
Premafin’s shares plunged
to L4.330 from 04,685 on Tues-
day as investors digested the
group's L294bn ($ 185.4m)
rights issue and expected 1992
loss of L50bu- In 1991, the
company made net profits of
LB1.9bn. The group will not
pay a dividend this year and
plans a three- tor-one rights
issue at L1.000 a share. Mr
Llgresti, who owns 70 per cent
of the group, will take up his
full rights.
The fortunes of Premafin,
which controls Sai (Insurance)
and Grassetto (building), have
suffered from debts of about
Ll,500bn, tbe downturn In
construction as a result of the
political corruption scandal
and weak property markets.
Matters have been exacer-
bated by doubts about Mr
Ligresti's future. The Sicilian
financier spent more than
three months in jail last year
on charges of alleged bribery
and corruption.
The Llgresti group is to re-
organise other parts of its
business, with the concentra-
tion under the non-quoted
Nnova Finanziaria Moderna
holding company of activities
previously held under the
Fin. G. It holding company and
other subsidiaries.
• Banca Sazionale del Lav-
oro. the Italian Treasury-
owned bank, saw a 17.1 per
cent rise in consolidated group
profits to L96bn last year from
L82bn in 1991. Assets rose 13.6
per cent to Ll63,341bn.
FINANCIAL TIMES THURSDAY APRIL 8 1993.
earnings forecast
By William Dawkins m Paris
ALCATEL Alstbom. the
French telecommunications
and engineering group, yester-
day unveiled a 14 per cent rise
in net profits for last year,
slightly higher than the
12 per cent rise it had
forecast.
Net earnings rose to FFr7bn
($l.3bn) last year from
FFr63bn in 1991 and should be
stable this year, in spite of the
difficult economic climate, said
Mr Pierre Suard. the chairman.
Turnover rose fractionally to
FFrl61.7bn from FFrlOObn.
He expected growth in the
telecommunications market.
the group’s biggest business
accounting for nearly half of
last year’s sales. Europe would
show slight progression, but
much faster growth would
come from Asia and Latin
America, where the number of
telephone lines should more
t-h»n double over the next 10
years, said Mr Suard.
Last year’s net profits
Increase was achieved on a
small decline in operating prof-
its to FFrl4.8bn from
FFrl4Jbn, he said. It came in
spite of a rise in restructuring
costs, to FFr3.2bn from
FFriL7bn, and an increase in
financial charges. Net debt
nearly doubled to FFr20.5bn
from FFrl0.8bn due to the
costs of buying out rTTs 30 per
cent stake in Alcatel, the
group’s telecommunications
division. . ,
Operating profits in telecom-
munications rose slightly to
FFi9.5bn, while the GEC Als-
tbom energy and transport
division, owned jointly with
Britain’s GEC. saw a rise in
operating earnings to FFr3 .6bn
from FFr3.1 bn. Tbe joint ven-
ture. formed in 1988, was
starting to show synergies,
said Mr SuardL
The cables division produced
a slight rise in operating prof-
its to FFr2.7bn as did Cegelec.
in electrical engineering.
where profits were FFr470m,
Saft, the battery making divi-
sion, produced a small operat-
ing rise to FFr 120m.
Alcatel Alstbom is proposing
a FFr21.75 annual dividend, up
from FFr20.25 last year.
Earnings per share rose by
14 per cent to FFrSS.Z in
1992.
• Cap Gemini Sogeti, Europe’s
largest provider of software
services, yesterday said it
would pay no dividend for 1992,
the first time it has missed a
pay-out. The group revealed a
FFr72m loss last year. Its first
annual deficit, though less l
than the FFrtiOm loss it had*1
earlier estimated for 1992.
BBL chooses insurance partner
By Andrew HOI In Brussels
BANQUE Bruxelles Lambert,
the Belgian bank, yesterday
deftly put an end to 18 months
of speculation about several
possible partners for its insur-
ance activities. It has finally
selected Royale Beige and Win-
terthur - the Belgian mid Swiss
insurers - as the company to
help it develop insurance prod-
ucts.
The decision may call into
question the involvement in
BBL of Internationale Ncder-
landen Groep, the Dutch finan-
cial services company.
Internationale Nederlanden
Groep spent most of last year
examining a possible bid for
the bank.
[NO, which owns a 10 per
cent stake in BBL, eventually
derided that the price was too
high to launch a takeover, but
the Dutch group nevertheless
still hoped to collaborate in the
expanding field of “bancassur-
ance".
Yesterday. BBL said that
Royale Beige and Winterthur,
both of which have stakes in
the company, would be given
prime responsibility for the
reinsurance of risks taken on
by BBL Life and BBL Insur-
ance, the bank’s insurance sub-
sidiaries.
Tbe association would help
reduce risks and lighten sol-
vency demands, said tbe bank.
ING was not available for
i- moment. Three weeks ago,
Belgian newspapers reported
that Mr Aad Jacobs. ING’s
chairman, was on record as
having said that he would con-
sider it an “unfriendly" gesture
if the Dutch company were to
be excluded from bancassur-
ance developments with BBL.
The framework agreement
with Royale Beige, nearly 50
per cent of which is controlled
by UAP, the French insurer,
and Winterthur will last for at
least five years. The agreement
is also “linked to the stability
of the bank's share register".
BBL emphasised in a state-
ment yesterday.
Royale Beige and Winterthur
will also be given priority for
the underwriting of other non-
BBL insurance products,
although BBL said that there
would still be some room for
collaboration with its other
insurance company sharehold-
ers.
BBL. which is one of Bel-
gium's, three largest banks, last
month announced that its net
consolidated profits had
dropped to BFr3-6bh in' the 15
months to the end of 1992. That
compares with BFrL5bn in the
12 months to the end of Sep-
tember 1991.
Solvay sees another difficult year
By Andrew HNI
SOLVAY, the Belgian
chemicals group, yesterday
warned that its earnings would
slump again this year as the
European economy continues
to deteriorate.
The group proposed holding
its net dividend at BFr500 per
share, the same as in 1990 and
1991.
Solvay said net consolidated
profits fell I6J5 per cent in 1992,
to BFr9.76bn (8293m) from
BFrll.7bn in 1991. Stripping
out extraordinary gains, profits
fell to BFr8.41bn from
BFr9.?9bn, a drop of 14 per
cent, as announced in January
amid preliminary 1992 figures.
"The first half of this year
should . . . prove to be partic-
ularly difficult," the company
said.
Baron Daniel Janssen. Sol-
vay’s chairman, warned the
group would have to cut fur-
ther jobs in 1993. in addition to
the 1,700 lost last year, mainly
through early retirement.
Mr Janssen underlined that
the group was continuing its
investment programme to rein-
force its fundamental
strengths.
Competition in Europe took
its toll on alkalis and plastics.
Earnings before interest, taxes
and charges slipped to
8Fro.6bn from BFr6.13bn in
alkalis, and to BFr90m from
BFrl.7bn in plastics. Earnings
from peroxygens rose to
BFr3.06bn from BFr2.75bn,
health products to BFr2.97bn
from BFriL24bn, while earnings
in the processing sector slipped
to BSK-Wbn from BFr2-29bn.
Overall sales were steady at
BFr254bn and net earnings
slipped to BFr 1,177 per share
from BFrl,410.
Tractebel, the Belgian
utilities group, pushed up net
consolidated profits to BFr27bn
from BFr25.7bn. The group
has proposed a 3.1 per cent
increase in net dividends
to B Fr330 ( B Fr320) per
share.
Tractebel's principal
subsidiary is Electrabel,
Belgium's largest company by
market capitalisation. Some 41
per cent of Tractebel is in turn
owned by Society Generate de
Belgique, which announces its
1992 results today.
Ko? Holding
improves 30%
By John Murray Brown
ni Ankara
KOC Holding, the listed
holding company for Turkey's
largest industrial conglomer- a
ate, reported a 30 per cent -
increase in pre-tax profits for
1992 to TL463bn (548.5m).
The results disregard Tur-
key's 65 per cent average infla-
tion during the period.
Kop Holding, 51 per cent con-
trolled by the Kop family, has
stakes in the Kop group's 74
Industrial companies: many
joint ventures with big foreign
names.
Turnover increased 20 per
cent to $112bn in 1992 ($9.4bn),
with a foil In foreign exchange
earnings to $523m from 5550m-
ASLK-CGER HOLDING
Holding boncaire d’interer public - Bankholding van openboar nut
A. company incorporated under Belgian Law
Invitation to Offer
for a Significant Shareholding in
ASLK-CGER BANK
and
ASLK-CGER INSURANCE
At the end of 1992 the Belgian Government started a program for the sale
of direct or indirect participations in several state owned companies over the years 1993-1996.
A speria (committee, “Commission d’ Evaluation des Actifs de I’Etat" or
“Commissie voor Evaluate van de A ctiva van het Ri/k” (“the Committee”)
was created to advise the government in this program.
In this context, ASLK-CGER HOLDING has mandated
N.V. PETERCAM SECURITIES jkA. (“PETERCAM")
to assist the Holding in the sale of a significant participation in its two main wholly-owned subsidiaries,
ASLK BANK N.V.-CGER BANQUE S.A. (" ASLK-CGER BANK”) and
ASLK VERZEKER1NGEN N.V.-CGER ASSURANCES SA. (“ASLK-CGER INSURANCE”).
This procedure will take place in close collaboration with the Committee.
ASLK-CGbR I IOLD1NG is ruled by the
bw offline 17. 1991 concerning the orga-
nisation of the public credit sector in
Belgium.
Because of the bunk-insuronec strategy,
d<we operational relationship and joint
activities of the two entities, only offers
for significant participations in both ASiJC-
USK BANK ami ASLK-fX JER INSURANCE
will be taken into consideration.
Key (bets concerning the two companies:
ASLK-Ua-K BANK
is among the biggest savings bonks in
Europe. It Is oriented mainly towards
Belgian families and small companies
for wftoru it is die prominent financial
partner as banker and, in coUaborafion
with ASLK-CGER INSURANCE, as insur-
er. ASLK-CGER BANK 2s among the
top Ovc banks In Belgium.
ASIX-CGER INSURANCE
Is the fourth largest life insurer
and. the leading individual life In-
surer In Belgium. A major portion
tjfitsjnsunmce policies b> sold through
ASLK-CGER BANK'S extensive branch
and distribution network. Its affiliated
company CB I Mil is spcctiliseti in non-
life insurance.
This invitation is extended only to com-
panies active in die financial sector which
according to latest financial statements
available, had net consolidated assets of
BEF 35 Bln minimum or belong to a group
offering the same financial warranties.
AmcmovandumwOlbescntto interested
parties only upon signature of a Confi-
dentiality Agreement and payment of
BEF 2,500.000.
Intermediaries, Trustees and individuals
are excluded.
interested parries slioukl contact
N.V. PETERCAM SECURITIES SA.,
&iw<iocdelepIcin 19 place SainteGudule,
1000 Brussels - Belgium,
fterrc Drion, Director or
Mare Corns, Director,
Tel. 32.2/213.05.55
Fax 32.2/219.59.66
Registration of Interest by Fax is acccpt-
Any additional questions mav be sub-
mitted only to PETERCAM. No direct
contact is permitted with ASLK-CGER
1 fOLDlNGoranycumponyof the Group.
Interested candidates should submit
to PETERCAM an indicative non-bind-
ing offer before 5 pan. (Brussels time)
on May 19, 1993-
This offer should contain:
• the desired level of participation in
ASLK-CGER BANK and ASLK-CGER
INSURANCE;
♦ an indication of price in BEF, payable
in cash, for the indicated level of partic-
ipation;
* means of payment and sources of fi-
nancing of the proposed transaction;
• any conditions attached to the offer, i.e.
audit, due diligence, warranties and/or
other
♦ strategy for ASLK-CGER BANK and
ASLK-CGER INSURANCE after tile
transaction in terms of the develop-
ment ofbonk-insurancc, short and me-
dium term financing of ASLK-CGER
BANK and ASLK-CGER INSURANCE,
personnel management, asset sales or
purchases, cooperation and synergies;
♦ proposals relating to representation
on the Board of Directors, involvement
in management and the decision mak-
ing process;
« an indication of possible svnergjes with
ASLK-CGER BANK and' ASLK-CGER
INSURANCE:
• proposed timetable for closing of the
transaction.
The seller reserves die right to stop the
sales procedure at any time without justi-
fication.
The transaction will be subject to approv-
al of the competent authorities.
Credit Lyonnais Group
1992 : A YEAR OF CONTRASTS
Banking Income : FRF 49 Billion
Operating Income Before Provisions: FRF 13.2 Billion
Consolidated Net Loss: FRF 765 Million
CUSTOMER LOANS
fRFtoBBonsf
970
778
S8S
1990 1991 1992
CUSTOMER DEPOSITS
(FRPtoBMoraJ
819
1990 1991 1992
CAPITAL UNDER
MANAGEMOTOR
ADVISORY CONTRACT
FUFtoBOona)
1990 1991 1992
STRATEGIC GAINS
Europe's Leading Bank
Cridit Lyonnais made new strides in 1 992. particularly with the
acquisition of a controlling interest in BfG Bank, a major German
financial institution. This move enables Credit Lyonnais to take its place
in Europe's biggest economy and makes it #/ in Europe.
Strengthened Equity Capital
Thanks to a new equity issue, the restructuring of real estate holdings,
the creation of a fond for general banking risks, and the increase in
minority interests following the consolidation of BfG Bank, equity
capical rose 24% to FRF 62 billion, giving tbe Group a European
solvency ratio of 8.2 %.
RESULTS MARKED BY A DIFFICULT ECONOMIC
CLIMATE AND A HIGH LEVEL OF PROVISIONS
Despite the woriwide economic slowdown and the impact of interest
rates on the cost of funds, banking income rose S.7 % to FRF 49 billion,
white operating income before provisions remained at the same high
level achieved in 1 99 1 . Yet the net result was affected by sharply higher
operating provisions set aside for the following reasons :
- to reflect in 1 992 die Impact of die rapid deterioration of low-quali ty
commitments made between 1986 and 1990 by the Dutch subsidiary
CLBN; at 3 1 December 1992, these risks were provisioned,
- due to the recession, which hit small and medium-steed companies
in Europe particularly hard,
- to reflect the depressed real estate market.
KEY FIGURES
FRF in Biffions
1991
1992
Equity Capical
Equity Capital and Equity- Capital Equivalent
50.0
67.9
62.0
85-0
Banking Income
Operating income Before Provisions
Appropriations to Operating Provisions
Net Profit (Loss)
Group's Share
Minority Interests in Net Profit ofConsoHdoted Companies
46.3
I3J
9.6
4.1
3.2
0.9
49.0
13.2
14.7
P
1.0
In French Fronts
Estimated Net Asset Value Per Share 1
Proposed Dividend (Gross) 34 5
1,224.0
15.0
TOTAL ASSETS
(Wilffl&XBj
■ France S# EmpO
□ Rea of wore
1990 1991 1992
OPERATING INCOME
BEFORE PROVISIONS
(FRFirj EUSort$)
■ France 9 Europe
□ Rea of Wore
1990 1991 1992
OFFICES OUTSIDE FRANCE
S* Europe
O Rest of World
1,744
1990 199 1 1992
In die future, while closdy surveying its risks and strictly controlling its costs. Credit Lyonnais will strive
to develop the synergies of its European and worldwide network, according to the guidelines set out in its
r??Mear P1-.0*^ m for 1 993-95. Despite persistent economic difficulties, this^olicy should enable
Credit Lyonnais to achieve a steady improvement in operating income before provisions, aided also by the
interest-rate cuts expected to occur in Europe. p by the
CREDIT LYONNAIS GROUP
r.
*
irtner
|* i iiVidino
.. .
IASTS
1-2 S
»n
at
V
1993
INTERNATIONAL companies and finance
19
GM says sales
in first quarter
beat forecasts
By Nikki Talt in New York
GENERAL Motors, the largest
US carmaker, said yesterday
its first-quarter sales had been
stronger than predicted, and it
expected to post improved
results for the period, ft is due
to report its earnings later this
month, and analysts expect an
operating profit of around
$SS0nL
Mr Jack Smith, chief execu-
tive, noted the recession in
Europe was proving much
deeper than GM had forecast,
and it was likely that GM’s
European operations would cut
more salaried and hourly jobs
through attrition.
. UI think it's going to be a
good quarter." Mr Smith told
Journalists at the New York
motor show. In the first quar-
ter of 1992, GM returned to a
modest $179m profit after tax,
its first quarterly surplus since
the second quarter of 1990.
The group’s performance
during March, Mr Smith added,
had been "really pleasing", and
car market shares had been
“wefi ahead of our most opti-
mistic outlook". GM shares,
which bad risen this week on
relatively good sales for March,
gained another S% to $39 */«
before the close yesterday.
Mr Smith discussed several
initiatives on the product
development and manufactur-
ing front. He held out the pos-
sibility that GM would con-
struct a second production
facility for Saturn small cars,
and said it was working on
plans for a new generation
minivan that would probably
be sold both in North America
and Europe. He said the
vehicle was expected to may
its debut in the 1997 model
year.
GM plans later this year to
add a third shift at the existing
plant in Spring Hill, Tennes-
see, to lift production to 300.000
cars a year. However, it
believes that further additional
capacity will be needed. Mr
Smith gave no indication, how-
ever, of where a second plant
might be located.
He added that GM was study-
ing ways of expanding produc-
tion of its European small car,
the Corsa, currently built in
Spain, to other countries
within Europe and possibly
North America.
Struggle to maintain cutting edge
Andrew Baxter reports on problems in Germany’s machine-tool industry
Morgan Stanley cuts
executives9 bonuses
By Martin Dickson
in New York
MORGAN Stanley, the New
York investment bank, has cut
the 1992 bonuses paid to its
leading executives by between
30 per cent and 45 per cent,
despite making record profits,
according to its annual proxy
statement to shareholders.
A company spokeswoman
said that the bank’s perfor-
mance relative to the rest of
the securities industry bad not
been as strong as previously,
and this was one of several fac-
tors which went into the com-
pensation equation.
Securities firms with retail
operations had tended to per-
form better in 1992 than those
with an institutional client
bias, she added.
Mr Richard Fisher and Mr
Robert Greenhill, respectively
chairman and president of the
group, each received compen-
sation of $&25m, down 20 per
emit from $7.8 lm in 1991. Their
bonuses were cut 41 per cent to
$2. 86m.
At Merrill Lynch, the largest
US brokerage firm. Mr William
Schreyer, chairman, saw his
cash compensation rise 16 per
cent to $5 .2m, while Mr Donald
Marron of PaineWebber
received $7. 7m, up more than
50 per cent
• Mr Dick Cheney, defence
secretary under President
George Bush, is joining Mor-
gan Stanley’s board.
WHEN Traub and
Maho. two of Ger-
many's biggest
machine tool companies,
announced a global strategic
alliance last year, rivals faced
the prospect of an important
new force operating in the
recession-battered European
market
The deal took effect on Janu-
ary l. and appeared sound. The
marketing tie-up between
Traub, a big producer of turn-
ing centres or lathes, and
Maho, which makes milling
machines, would help them
both fend off Japanese compe-
tition.
“We had to increase our
product range to offer a com-
plete package," says Mr Paul
Maynard, managing director of
Traub UK and a member of the
Traub management board.
Little more than two months
later, however, the co-opera-
tion agreement has been dis-
solved. On the rebound, Traub
hag announced a new a>?iaq«-^
with Hennie, a specialist Ger-
man mining machine producer
that depends on Germany for
nearly 80 per cent of its sales.
The chain of events would be
extraordinary for any industry.
For German machine tool com-
panies, always reticent to
cooperate with each other and
even more cautious about
announcing anything, it is
unprecedented and deeply
embarrassing.
It underlines with particular
force the problems of the Ger-
man machine tool industry,
which is by far the largest in
Europe. As the British
machine tool industry per-
ceives better times ahead,
domestic orders in Germany
are running at about half the
level of a year ago, producers
say.
After years of growth which
many German machine tool
companies believed would con-
tinue unabated, the market -
second biggest In the world
after Japan - has dropped in
about pine months as far as its
UK counterpart did in two
years. According to American
Machinist figures, consump-
tion of machine tools fell
nearly 17 per cent last year to
$5.03bn. Confidence among
domestic customers has fallen
dramatically, and the machine
tool makers are saddled with
high labour costs and gearing.
Overseas, the east European
market where Germany domi-
nated western imports, has vir-
tually dried up.
The problem that has bedev-
illed the UK machine tool
industry during the past two
years of recession is now
beginning to surface in Ger-
many: withdrawal of financial
support as banks lose their
patience.
In March, Hahn und Kolb,
the big Stuttgart- based
machine tool sales and service
company, was forced to apply
for protection from its credi-
tors because of liquidity bottle-
necks caused by lower turn-
over.
To make things worse, Ger-
man machine tool companies
have found It much harder to
cut jobs than have their UK
counterparts. Traub began
retrenching relatively early,
but even so its workforce has
been cut from about 3,000 in
1991 to about 2 JJQ0. Hermie has
cut its staff by one-third to 500.
Traub, family-controlled but
publicly-quoted, is relatively
strong outside Germany, deriv-
ing 45 to 50 per cent of sales
abroad, but its managing board
chairman, Mr Hans-Dieter
POtsch, decided 18 months ago
that it needed to be interna-
tionally stronger, to compete
with Japanese rivals.
“We needed to attack the
Pacific basin market, where
the Japanese are selling
machines for 10 to 20 per cent
more than in Europe and the
US," says Mr Maynard.
After talks with a num-
ber of companies,
including Hermie and.
it is believed, some foreign
companies, Traub publicised
its deal with Maho in Decem-
ber.
A merger was never likely
because of Maho’s financial
condition; it lost Did 59m in
1991-92. German banks took
effective control of the com-
pany last year, and its former
chairman and moving force.
Mr Werner Babel has seen his
family’s majority shareholding
cut to a minority stake.
It appears that Maho was not
meeting its financial targets,
although details about the col-
lapse of the deal have not been
divulged.
A further loss of DM45m is
expected this year and Maho
told Traub that the need for
more restructuring may harm
the co-operation agreement.
Mr Maynard says Traub is
sorry about the decision, but
he is putting a on brave face.
Some of Hermle's specialist
machines are better than
Maho's, he says, although they
wifi require heavier marketing.
The new deal appears to
make sense for both compa-
nies. Hermie, which went pub-
lic in 1990, will benefit from
Traub 's international market-
ing muscle. Traub gets access
to a new range of milling
machines to add to its recent
acquisitions in France and
Italy.
As for Maho, rumours con-
tinue regarding a link-up with
its rival DeckeL The companies
are known to have been dis-
cussing cooperating in manu-
facturing, but recent specula-
tion suggests they may be
contemplating a fall merger.
German machine tool compa-
nies have traditionally consid-
ered that a step too far. But
then they have never had to
cope with conditions like
today’s.
Heineken gives profits warning
By Ronald van de Krol
in Amsterdam
HEINEKEN, Europe’s largest
brewer, cautioned investors
yesterday against excessive
expectations for short-term
profits, but said it remained
confident about the outlook for
long-term profitability.
The statement sparked a 3.1
per cent decline in Heineken’s
shares, which have hit a series
of record highs recently to
become one of the Amsterdam
stock exchange’s top perform-
ers over the past 12 months.
They closed down FI 16.10 at
FI 190.90 yesterday.
Mr Gerard van Schaik, chair-
man. said at the annual report
presentation that the compa-
ny’s short-term caution
reflected sluggish economic
growth in Europe - where
Heineken generates 75 per cent
of sains - as well as higher
duties on alcohol in a number
of European countries, both of
which could exert pressure on
major beer markets.
Its second most important
market, the US. appears to be
developing favourably, though
alcohol duties may also be set
to rise.
“However, our company has
strong brands and sufficient
financial strength to see it
through a period which may be
less favourable economically,”
Mr van Scbaik said.
“Our expectations for
long-term profitability remain
positive." he added.
Last month, Heineken
reported a 125 per cent rise in
1992 net profit to FI 463m. If
extraordinary gains from a
property sale are included, the
improvement was even more
marked, with net profit up 27.4
per cent at FI 564m.
Mr van Schaik added that
Heineken’s volume sales rose
by 22 per cent in 1992 to 53.7m
hectolitres, a performance
which he said none of its inter-
national competitors had been
able to match.
Armco to build
flat-rolled steel
mini-mill in Ohio
ARMCO, the US steel group, is
to build a flat-rolled steel
mini-mill at its facility in
Mansfield, Ohio, the first to be
announced by a US integrated
steelmaker, AP-DJ reports.
The plant would use the
“thin-slab" casting method,
used by mini-mill Nucor, that
casts molten steel Into two-
inch slabs and then rolls it
into sheet Armco will invest
about SlOOm in the caster. Hie
company is also relocating its
headquarters to Pittsburgh
from Parsippany, New Jersey.
Its corporate staff of 220 will
be cut by between 65 and 70.
COMMERZBANK
NOTICE TO HOLDERS OF
LONDON DEPOSIT CERTIFICATES ("LDCsl
NOTICE IS HEREBY GIVEN of the termination of the
contract contained on toe above certificates in accordance with
Condition (P) of toe certificates with effect from 8th April, 1993
(the Termination Date*).
Holders of LDCs are therefore asked to surrender their
certificates at toe offices of toe depositary (toe "Depositary")
and will receive in exchange certificate (s) for toe deposited
shares of DM 50 nominal having the same aggregate nominal
value as the units represented by toe certificates so surren-
dered or an order calling for delivery of toe same within a
reasonable time at the office of a responsible agent of toe
Depositary In Germany or elsewhere. However, because of
Commerzbank's Annual Shareholders' Meeting on 7th May.
1993 no exchanges will be accepted during toe period 26th
April, 1993 to 7to May, 1993 in order to avoid problems in
connection with the payment of the proposed dividend.
Holders of units representing fractions of a share which
cannot be exchanged for shares of DM 50 nominal, will be
entitled to receive the proceeds of toe sale of such fractions
after the expiration of six months from the Termination Date.
After the expiration of six months from the Termination Date
toe Depositary may sell any remaining deposited shares in
such manner as it may determine and may thereafter hold the
net proceeds of sale together with any dividends, bonuses,
capital repayments or other distributions received prior to such
sale for the pro rata benefit of the bearers of certificates which
have not theretofore been surrendered for cancellation.
After making such sale the Depositary shall be discharged
from ail obligations whatsoever to toe bearers of the certifi-
cates. except to give notice of such sale and hereafter to make
distribution of the net proceeds of sale and of such distributions
upon surrender of the corresponding certificates. Any such
monies which have not been claimed within 20 years from toe
date of such notice shall be forfeited to the Depositary.
Certificates should be lodged with the Depositary at toe
following address:-
S.G. Warburg & Co. Ltd.
Paying Agency,
2 Finsbury Avenue,
London EC2M 2PA
8fo April. 1993
COMMERZBANK
AXTIENOESEILSCHAFT
CREDITANSTALT
BANKVEREIN
US$200,000,000
Subordinated collared
floating rate notes due 2003
Notice is hereby given that for
the interest period 8 April 1993
to 8 October 1993 the notes will
carry an interest rate of 5% per
annum. Interest pay-able on
8 October 1993 unit amount to
US$127.08 per US$5,000 note
and US$2,54 1.67 per
USS 100.000 note.
Agent: Morgan Guaranty
Trust Company
JPMorgan
m
BankAmerica
Corporation
llncoipmied In the Sub d Detan&Ql
U.S .$400,000,000
Floating Rate Subordinated
Capital Notes Due 1997
Hoktora ot Notes ol the above issue
ore hereby notified that for ihe next
Interest Sub-period from (3tfi Apti,
1993 to 13ih May. 1993 flw totalling
w* apply:
1. Interest Payment Elate: 9th Jwe.
1993.
2. Rate of Interest for Subpeitod:
5% per annum.
a Interest Amount payable lor
Sub-period: USS20B.33 per
USS50.000 nominal.
4. Aacum listed Interest Amount
payable: US$451.39 per
US$50,000 nommal.
5. Next Interest Sub-period wfll be
from 13th May, 1993 to 9th Juno.
1993.
Agent Bank
Bank of America
International Limited
CAI
nm
CANAL+ 1992 NET INCOME
BEFORE NON-RECURRING ITEMS
UP 14.5%
Paris, March 30, 1993
CANAL+, Europe's leading pay-television group, said today that
in 1992 its consolidated revenues rose 13.4%to nearly FF 8 billion,
or 10.7% on a fike-for-lifce basis. Net income after minority inter-
ests but before non-recurring items advanced by 14.5% and net
income after non-recurring items amounted to FF 1.1 btlfion.
(FF millions)
1992
799?
% change
Subscription revenues
Advertising and
sponsoring revenues
Other
6,415
433
1,089
5,847
310
841
+ 97 %
+ 39.7 %
+ 29.5 %
Total revenues
7,937
6,997
+ 134%
O Derating income
1,693
1,905
- 11.1 %
Financial income
306
127
+ 140.9 %
Equity in losses of
associated companies
excluding minority interests
(277)
(314)
- 14.2 %
Net income after mmorify
interests but before
non-recurring items
1,129
986
+ 14 ,5%
Net income after minority
interests
1,104
1,081
+ 2.1 %
Operating income, which declined by 17.5% in the first half
becauseaf poor results froma number of fully-consolidated suba-
diaries, improved significantly in the second half and, as a result,
decreased by only 11.1 % over the full year.
Financial income rose sharply as a result of the of
FF 172.9 million worth of unrealized capital gams left over from
1991.
Equity in losses of associated companies, whi<h,amoy other
items, included losses from the foreign channels of IT 143-6 rnwton
compared to FF 248.7 milfion in 1991, improved by 14.2 %«n 1992.
The provision made in 1992 against
depressed non-recurring income by FF 81.7 million, but this was
offset to a large extent by miscellaneous non-recurring income.
Confidence in CANAL+'s prospects has prompted the Boa'dof
Directors to propose that shareholders appro*
annual net dividend (before tax credit) from FF 23 to FF 25<rfthe
Annual Meeting on June 22. This corresponds fo O
46.5%. Shareholders will have the option of reinvesting their
dividend in new shares. _
In 1993, CANAL+ expects to enjoy double digitgrowth in consoli-
dated soles ofld earnings.
Credit commercial de France
LtoMaJCuPf *ny
SKBT775WO2M 000U
Notice or Meeting
Nate b be** tftw u boMurt ■ JJji* JmSw VIUMOm
Ifaa «d&vy Bxttop of to GotoI £*"***“
5„oa- REIMS- FRANCE, ferer
Ac, faendbottf. * Ibc mater
nactic«nmraieteia|wcw>l^g|?^h!^MUiifl»d»wMiwntlrfbl«teMB^|frM
Hrecm. MC Iwdwlto »l» *** J**”*"? - SCHUMAN - SHOO - REUS - HIAN&
CSHXrcCMfcffiRClALDE FRANCE ■ ^ ^ or mwj
, ECanradaeincctfca wpn'd » P1®*? " * *“
aWaiaiwiiwte prosy ***■ .He* «n te saboiaed W to
KYMMENE
CORPORATION
NOTICE OF ANNUAL GENERAL
MEETING OF SHAREHOLDERS
The shareholders of Kymmene Corporation arc hereby
convened to the Annual General Meeting of shareholders
to be held on Thursday, 22nd of April, 1993, at 17.00
hours in the Congress wing of the Finlandia House,
address Karamziainkatu 4, Helsinki, Finland. The entry
to the building is either from Mannertieimintie or from
Karamzininkatu.
The Meeting will consider and pass resolutions on the
matters specified in Article 14 of the Articles of
Association.
In addition the Meeting will consider and pass a
resolution on deleting the Articles (§ 6) restricting
foreign ownership of the Corporation’s stock from the
Articles of Association.
Copies of the Annual Accounts will be available for
inspection as of 13th April, 1993. at the Corporation's
Head Office, Mifconkatu 15 A, Helsinki, Finland. The
information concerning the Annual Accounts is also
included in die Annual Report of the Corporation for
1992, which will be available at the Investment
Management branches of the Union Bank of Finland as
of the same date.
Shareholders who intend to attend the Meeting and to use
their voting rights have to be registered in the list of
shareholders maintained in The Central Share Register of
Finland Cooperative no later than Monday, 12th April,
1993, and have to give notice of their attendance to the
Head Office of the Corporation, Mikonkaju 15 A no
later than Monday, 19th April, 1993 before 12.00. The
notice of attendance may also be made by letter to the
Corporation's Head Office, address P.O. Box 1079,
SF-00101 Helsinki, Finland, or by telephone to the
number +358 0 131 41283 by the date and time
mentioned above. The possible proxies shall be
submitted in connection with the notice of attendance.
Helsinki, 8th of March, 1993
BOARD OF DIRECTORS
Weekky net asset
value
Leveraged Capa* Hokfaga MV.
as at 05.04.93 was USS55.86
Listed on the Amsterdam
Stock Exchange
SSScSdricg & PtoonN-V-
Satin 55. 1012 JOC Annodna.
TcL + 3140-5211410
PAN - HOLDING
Semite Anonyme - Luscmhourg
As of March 31, 1993. tup
unconsoWated nat asset value
was USD 295,791 401.47. i.e.
USO 543.26 per share of USD
200 per value.
The consolidated net asset
value per share amounted as of
Marcft31. 1993 to USD 563. 13-
This announcement appears as a matter of record only
Severn River Grossing Pic
Barclays de Zoete Wedd acted as lead manager in
the placement, and sponsor to the introduction of
£131,000,000 6 per cent index linked debenture
stock due 2012
Lead manager and sponsor
Barclays de Zoete Wedd limited
April 1993
20
AU of these securities have been sold . This announcement appears as a matter of record only.
7,550,000 Shares
Minerals Technologies Inc
Common Stock
1,360,000 Shares
This portion of the offering teas offered outside the United States and Canada by the undersigned.
Lazard Brothers & Co., Limited
Goldman Sachs International Limited
Smith Barney, Harris Upham & Co.
Incorporated
Cazf.novk & Co. Commerzbank Aktiengesellschaft Credt SmssE Fmsr Boston Lmrm,
Merrill Lynch International Limited
Morgan Stanley International
Nat West Securities Limited Pardsas Capital Markets Swiss Bank Corporation
Donaldson, Lajfkjn & Jenrette
Serarttira Corporolioa
J.P. Morgan Securities Ltd.
6,190,000 Shares
This portion of the offering war offered in dte United Stater end Canedn b the undesigned.
Lazard Fr^res & Co.
Goldman, Sachs & Co.
Rear, Stearns & Co. Inc.
Dillon, Read & Co. Inc.
The First Boston Corporation
Hambrecht & Quist
liKurporaied
Lehman Brothers
J.P. Morgan Securities Inc.
Smith Barney, Harris Upham & Co.
Incorporated
Alex. Brown & Sons
Iworponlcd
Donaldson, Lufkin & Jenrette A.G. Edwards & Sons, Inc.
Securities Corporalioo
Kidder, Peabody & Co. C Jf. Lawrence Inc.
Eacorporalrd
Merrill Lynch & Co. Montgomery Securities
Morgan Stanley & Co.
Incorporated
Robertson, Stephens & Company Salomon Brothers Inc
Wertheim Schroder & Co.
Inrarparoted
PaineWerber Incorporated
S.G.Warburg Securities
Dean Witter Reynolds Inc.
Advest, IncT™*Arnhold and S. Bleichroeder, Inc. Sanford C. Bernstein & Co., Inc.
W.LUAM Blau. & Company J. C. Bradford & Co. Brean Murray, Foster Securthes Inc.
Edward D. Jones & Co.
First Analysis Securities Corporation
Goldsmith & Harris Johnson Rice & Company
Ladenburg, Thalmann & Co. Inc.
Cowen & Company
First Albany Corporation
First Manhattan Co.
Kemper Securities, Inc.
Dain Bosworth
Incorporated
McDonald & Company
SeeurWea, Inc.
WR Lazard, Laidlaw & Mead Legg Mason Wood Walker
Incorporated Ineorporated
Pennsylvania Merchant Group Ltd Piper Jaffray Inc. Rauscher Pierce Refsnes, Inc.
Riymond James* Associates, Inc. The Robinson-Humphrey Company, Inc.
Serfin Securities, Inc. Muriel S^bert & Co., Inc. Sutro & Co. Incorporated
Tucker Anthony
Incorporated
Wheat First Butcher & Singer
Capital Harken
INTEBWATIW1MK I*
PWA appeals against court r ^
1 ,, sourcing contract With ^ c*15S>.1m. or
By Robert Gibbena in Montreal
PWA, parent of Canadian
Airlines International, is
appealing against last week’s
Ontario court decision refusing
to declare the Gemini comput-
erised reservations system
insolvent PWA had sought the
insolvency ruling as part of its
survival strategy.
American Airlines plans to
make a C$246m (USS195m)
equity infusion into Canadian,
but insists that Canadian
switch from Gemini to its own
Sabre reservation system.
f^naitian and rival Air Can-
ada, together with another
small US airline, own Gemini.
The court found that PWA
was trying to get out of the
partnership in order to com-
plete its deal with American.
PWA denied the insolvency
suit was related to the Ameri
can link-up, hut would not
reveal the basis for its appeaL
Mr Hollis Harris, chairman
of Air Canada, said a merger
with Canadian was stiU the
best solution to the problems
of the Canadian airline indus-
try. It would create one large
ranaitian international ahim®
capable of competing globally,
he said. . . „
If the Canadian-Amencan
airlines link were approved by
Ottawa, he added, Air Canada
would become "as weak as
Canadian is today”.
• SHL Systemhouse, a fast-
growing international com-
puter systems bite8£ator for-
merly linked with BCE of Can-
ada. will manage Canada
Post's data processing and tele-
communications operations m
a contract worth more than
C$500m. Last year, System-
house signed a S550m out-
sourcing contract
imrjagS
sively into international out
°1£Kmse is now Pro®-
ablTand Mr John Oltman.
president,
enues would reach C$3bnin
several years, up from
itfthe fiscal year ended August
31 1992. E. M. Warburg Pincus.
the New York investment
bank, invested C340m lu Sys-
temhouse in a private place-
ment in February.
# Power Financia!'
cial services arm of
financier Mr Paul Desmanuss
Power Corp
reported a rise in 1992 net prof-
its to C$l84.9ni. or C$2.90 a
shore, up bom «15S>.7m, or
77 in 1991- , . ,
Contributions from subsid-
iaries were slightly lower
because of a restructuring
charge by Great-West Life.
TYmT share of earnings of the
European affiliate. Pargesa
HoSng, was C$3A3m, against
(S last time. Pargesa is
jointly controlled with Albert
Frtre of Belgium.
• Cambior, the gold and base
metals producer, has raised
CS84m of new equity by selling
6m units at C$14 per unit to an
underwriting group led by RBC
Dominion Securities. Each unit*
comprises one Cambior com-
mon share and one-half a stare
purchase warrant. One full
warrant entitles the holder to
buy one Cambior share at
C$15.50 per share until June 30
1995.
*4 *i
a ; iii
l*". t
IT V'
bi» 1
suit was related to toe amen- ■»» #
New structure for FT-A World Indices
, , w hppn pnbaneed t
By Adrian Dk*s
A NEW structure of industrial sector
classifications for the FT-Actuaries World
Indices has been published m draft form
by the World Index Policy Committee,
which supervises the rules and operation
of the FT-AWL An outline of the new
structure appears below: „
The new structure will classify com pa
nies into six new economic sectors -
resources, utilities, manufacturing, con-
sumer products, services and financial
At the more detailed levels, industry sec-
tors and sub-sectors have been reviewed,
in soma cases redefined, and fitted into
this framework. ,
The committee, chaired by Mr Richard
Economic
Group Industry Sector
Pain Of the Institute of Actuaries, believes
that the resulting new structure more
a* pattern of mter
national business.
The review leading up to the
ture is the first complete £»pprairal of
FT-AWI industrial eJasmfications dneeto
World Index was Launched m March 198/.
It forms part of the Policy Com^ttees
responsibility For ensuring that the indices
remain a relevant measure tfperformanc#
for the international investment commu-
mUnder new commercial agreements
signed last month by the ^nanmal TJnes.
Goldman. Sachs and NatWest Securities,
and the Institute of Actuaries and Faculty
of Actuaries, the comndttee is being
enlarged and its independence from the
FT-AWI INDUSTRY STRUCTURE (1933 DraftJBovislon)
Economic
Industry Sub-Sectors
commercial parties bas been entanod by
the adoption of a formal constitutiorL
Although the process of r^valuating
Individual companies’ classifications te not
yet complete, the outline will allow inves-
tors to judge whether the new system
would provide a better measure erf evaluat-
ing their portfolio performance than the
current classification structure.
Comments from users of the FT-AWI
will be welcomed and should be addressed,
together with other enquiries, to Syman
Bradford at NatWest Securities, Edin-
burgh (031-243-425$), or to Mark Zurack or
Barbara Mueller at Goldman. Sachs & Co.,
New York (212-902OT77).
• Adrian Dicks is Manager, FT Statistics,
and. represents The Financial Times on the
World Index Policy Committee.
1000 RESOURCES
1100
5300
Fanning & Fishing
1110
1150
Agriodture & FtsWnq
Forestry
5400
1300
1400
1700
1900
Mtakig, Metals & Minerals
1320
1350
1370
Precious Mstals & Minerals
1460
on & Gas
1720
1740
1760
Otter Energy
1990
Mining & Extractive
Iron & Steel
Non-Ferrous Metals
Predous Metals & Minerals
Integrated 09 & Gas
Oil & Gas Producers
Petroleum Products. Refineries
Otter Energy
3000 UTILITIES
3200
Electric Utilities
Electric UBttes
3220
3400
Nafual Gas & Oil ms
3440
Natural Gas & 0B Utilities
3800
Telephones
Telephones
3660
3800
Water
Water
3880
4080 HAHUFACTMfflfG
4100
Aerospace
Aerospace
4110
4200
Cbeoticals
Oremicals-GeneraJ
4230
4260
Chemfcab-Derivatlves & Special-
4300
Construction & BuBdlng
fty
Metadata
4330
Buflding Materials
4360
HousetiuMng
4390
Otter Constructor
4400
Bectricais, Bectrontas
Comrmrlcatkms & Office Equip.
4420
Electronic Components
4440
Computers and Office &
4460
Communications Equipment
Electrical Eqixpment
4500
Engineering & Machinery
Metal Components
4520
4530
Engineering Contractors &
4540
SWpMdg
Industrial Vehicles
4560
\fehicla Components
4590
Otter Machinery
4700
Paper, Packaging 8> Printing
Packaging
4720
4750
Paper & Papa- Protects
4770
Printing
4900
mvensttsd Industrial
Diversified industrial
4990
5500
5700
5900
Food and Grocery Products
5350
Health and Personal Caro
5420
5440
5460
Household & leism Equipment
5550
5560
Textfles & dotting
5730
5770
Hmnffied & MbceHaneous
Consumer Products
5990
Food & Grocery Products
Cosmetics & Soaps
Health Caro
Pharmaceuficals
Household Equipment
Leisure Equipment
Textiles Products
QotNng & Footwear
Diversified a Miscellaneous
Consumer Products
7000 SERVICES
7100
7400
7500
7600
7700
7800
Business Sendees & Computer
Software
7120
7140
7180
Leisure & Entertainment
7440
7460
Meda
7520
7540
7570
Rotaflltede
7610
7630
7650
7670
Wholesale Trade
7750
TtaMportettai and Storage
7820
7840
7860
7880
Professional Business Services
Computer Software & Services
Other Business Services
(acasaccssr?
Leisure and Entertatoment
Restaurants & Hotels
Advertising aid Public Relations
Broadcasting Media
Publishing
Retail - General
Retail- Drug Oates
Retail - Food Chains
Retd - Spedaflty
Wholesale Trade
Airlines & Airports
Rail & Roads
Shipping & Ports
Ftaight Forwarders,
Storage & Warehousing
7900
OhereUed & Mbc Sendees
7990
Diversified & Wise Services
8300
5000 CORSUMet PRODUCTS
5100 AutonmUtes
5110
5200 Beverage Industries &
Tobacco Manufacturers
5210
5230
5250
5280
Automobiles
Brewers
Beverages - DistBera & Vintners
Beverages - Soft Drinks
Tobacco - Manufacturers
9000 RHANCUL, INSURANCE 8 REAL ESTATE
9100 Banks
9100
Insurance
9320
9340
9360
9380
Real Estate
9570
inner mnon
9620
9640
hwertmeat Coraparias
9710
9750
Banks
Life Assurance
Non-Life Insurance
Reinsurance
Other Insurance
9600
Real Estate
9600
Financial hstfiutkms & Services
tosusnee Agents & Brokers
9700
Investment Companies
Conglomerates
:*£■
"■/A
\y..
parmalat finanziaria
spa
Registered omen to Wan - 15, Corso UaBa
Stum CnpUal UL 712^-17,170,000
Registered al lira Trttmnnl at Mian n" 31 2037/7822/37
NOTICE OF ORDINARY GENERAL MEETING
Slwrchoklcre arc Invited w med hi Milan. 9. Via Panlano. al tho CMRoa oT^olom tor^ on
April 30ili 1 993 al 1 1 .00 am. In Ilrsl call and, If necessary, in second call on May 25lli. 1 993, at the
same lime and in llic sanra placa lo discuss and resolve on ihc toflawing agentia:
1 ) FlnmicfaJ SiaicniaMS .is or December 31sL 1992. Board of Directors' Report. Board of SUHiilory
Aiuniors1 Report, Indciiciidciii Auditors' Report. Resolutions.
2) AinKMiilinojiI of Company's and consofldated balmice sired legal auditing tor ilircc years 1 993.
1994 and 1995.
SharclreUlcrs registered al UreSiock Ledger al least five days In advance.
upon rlcinsil of shares wlllr Head Offices in Milan - 15. Corso lialia or wllh the following emntsicd
Counters. five days in advance: _ . .
Bauca Coinmcrdale ItaHana. Banco di Roma. Cfssn ^
CrcdUo itaHaiio, isiliiiio Bancarto Sail Paolo dl Torino, Monic del Pasdii dl Siena; Monte RWi S.pA
(only for lire stocks HdmlnJslcrcd by Uiis InsliluUon).
Al Ure meeting, fire Group* consolkialed lliiancfcd siaicmcnls as of December 31sl 1992, wift be
snbmlilcd lo Hu: shard raiders.
Sliardioidcrs are required to produce nil klcullfy doctnncni Tor admission lo lira mcoUng.
Qidromn
Cafisio Tanzl
Notice of Early Redemption
John Hancock Mutual life
Insurance Company
7>J% Notes doe May 15, 1996
NOTICE IS HEREBY GIVEN on behalf of John Hancock Mutual Life
Insurance Company (the "Company^) that punwanc n Condition 5(a)
of the Terras and Conditions of the Company s Notes due May 15,
1996, the Company will redeem all of the outstanding Notes at a
Redemption Price of 101.5% of their principal amount on the next
interest payment dace, 15th May, 1993 (the "Redemption Elite ), when
Interest on the Notes will cease to accrue. Payment of the Redemption
Price will be made on, or after, the first business day fallowing the
met Will oc raauK uu, ui — ; — i v
Redemption Dote (the Redemption Date is not n business day under such
Terms and Conditions) upon presentation and surrender of
lerms ana wjnainoin/ upon — -- c£e ~ °^CS|
with all unmatured coupons attached, at the offices of any of the l jymg
Agents listed below.
Bankets Trust Company Swiss Bank Corporation
l Appold Street, Broadgate 1 Amchenvoiwadt
London EC2A2HE. CH -4002 Basle.
United Kingdom Switierland
Banque lndosue* Luxembourg Banuue Indcsuez Belgioue S. A.
39 AlKe Scheffer Place Sainte-Cudule 14
L-2S20 Luxembourg 1000 Brussels, Belgium
Accrued interest due on 15th May. 1993 will be paid in the normal manner
against presentation of Coupon No. 7 on, or after, die first business day
fallowing the Redemption Date-
S Bankers Trust
Company, London
| 8th April. 1993
Agent Bank
For FX Professionals Only:
This announcement tas been published in the Gazzetta Ufflciale 2nd pari n° 73
of March 291 h. 1903. inner. "C-/6SOS
Call Today for Your
Complimentary Copy
+44 71 240 2090
This advertisement has been issued In compliance with the requirements erf the London Stock Exchange,
ft does not constitute an Invttatton lo any person to subscribe tor or to purchase any securities In The
Environmental Investment Company Limited.
The Environmental Investment
Company Limited
Incorporated In Jersey with Limited Liability
International Placing
of 800,000 units comprising
5 Ordinary shares of U.S. $0.01 and 1 Warrant
Application has been made to The International Stock Exchange of the United Kingdom and
the Republic of Ireland Limited (the "London Stock Exchange") for toe issued Ordinary Shares
and the Warrants of The Environmental Investment Company Limited to be admitted to the
Official List. It is expected that fisting will be granted on 14 April, 1893 and that dealings will
commence on 16 April, 1993.
Copies of the Listing Particulars are available for collection during usual business hours from
the Company Announcements Office, the London Stock Exchange, London Stock Exchange
Tower, Cape! Court Entrance off Bartholomew Lane, London, EC2, by collection only, on any
weekday (Saturdays excepted) up to and inducting 14 April, 1993 and may be obtained during
usual business hours up to and including 26 April, 1993 from:
The Environmental Investment
Company Limited
La Motto Chambers
SLHefier,
jersey JE1 1BJ
Channel Islands
Swiss Bank Corporation
Swiss Bank House
1 High Timber Sheet
London EC4V3SB
8 April, 1993
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FfNANCIAL TIMPc THURWav
MURSDAV APRIL 8 I9Q?
Fairfax buoyed
by Kerry Packer
bid speculation
INTERNATIONAL COMPANY NEWS
21
By Kami Brown frt Sydney
shares IN John Fairfax, the
Ausi5SiK. QewsPaPer group
controlled by Mr Conrad Black
rose 5 cents to A81.97 yester-
speculation mounted
. that Mr Kerry Packer is pre-
paring a takeover offer
Tbe speculation followed the
purchase of a 5 per cent stake
m Fairfax by Ord Mlnnett. a
Sydney stockbroker, for
A|75.6m (US$54m). The buyer
was not identified, but Ord
Minnett has acted for Mr
Packer in the past
If the buyer is Mr Packer, the
purchase would Increase his
stake in Fairfax to almost 10
per cent Nine Network Austra-
lia. a television network con-
trolled by Mr Packer, bought a
f98 per cent stake last month
for A$49.7m.
Consolidated Press Holdings
(CPH), Mr Packer's privately-
owned master company,
refused to comment, but ana-
lysts said the purchase was
almost certainly made by CPH
or a subsidiary company.
The identity of the buyer
must be revealed to the Aus-
tralian Stock Exchange (ASX)
today, unless the new owner of
the shares is a private com-
pany. In that case, the buyer
could remain unidentified until
next week.
Mr Packer has said that he
would like to control Fairfax,
which publishes the Sydney
Morning Herald. The (Mel-
bourne) Age, the Australian
Financial Review, and a chain
of magazines and provincial
newspapers.
He was a member of the
Tourang consortium, which
acquired the group from the
receiver for A$l.4bn in 1991,
but withdrew before the com-
pletion of the sale after regula-
tory authorities launched an
inquiry.
The remaining partners in
Packer: Fairfax ambitions
Tourang were Heilman &
Friedman, the US investment
bank, and The Telegraph, the
tfK newspaper group con-
trolled by Hollinger, Mr
Black's Canadian master com-
pany.
Heilman & Friedman has a 5
per cent stake in Fairfax, aud
The Telegraph has 15 per cent
and management control. The
government will rule shortly
on an application by The Tele-
graph to increase its stake to
25 per cent.
Under Australia’s cross-me-
dia ownership law, Mr Packer
will be limited to a 1439 per
cent shareholding in Fairfax
unless he reduces his stake in
Nine Network from 48 per cent
to less than 15 per cent.
Mr Packer would have to
convince the Australian Broad-
casting Authority (ABA) that
he could not exercise control of
more than one leading media
group with the assistance of
associates or other sharehold-
ers.
Mr Black said be would
regard an investment in Fair-
fax by Mr Packer as a vote of
confidence.
WMC tries to leave the worst of bad weeks behind it
Bernard Simon and Kevin Brown report on how a judge’s ruling in Nova Scotia has affected the company
THE THIRD week of
December 1987 is one
which Western Mining
(WMC), the Australian
resources group, would prefer
to forget
Mr Hugh Morgan, managing
director, had a punishing
schedule during that week as
he pursued several acquisi-
tions aimed at giving WMC a
secure foothold in the North
American mining industry.
None of the assets that WMC
bought In its $450m shopping
expedition has turned into a
producing mine. A judge in
Nova Scotia has severely critic-
ised the “callous disregard"
with which WMC handled one
of the takeovers.
Mr Justice Merlin Nunn
ordered WMC to pay damages
and costs, expected to exceed
CSlOm (US$7. 7m), to the presi-
dent and six former directors
of Seabright Resources, one of
the targets of the 1987 acquisi-
tion spree. WMC will appeal.
Seabright was an ambitious
Nova Scotia exploration com-
pany, boasting in mid-1987 that
it was becoming “one of Cana-
da’s greatest gold producers".
It aimed to have four mines in
operation by 1989.
A promising area appeared
to be a deposit known as Bea-
ver Dam. Studies pointed to
large reserves and a high
grade. But in the months lead-
ing up to WMC’s takeover offer
in December 1987, doubts
began to surface.
News of these doubts
reached WMC after the C$92m
deal to buy Seabright was com-
pleted in February 1988. Within
three weeks, a WMC official
was describing Beaver Dam as
‘‘just bloody hopeless". A year
later, WMC halted Seah right’s
operations and wrote off its
investment.
WMC sued Seabright’s presi-
dent, Mr Terence Coughlan, for
fraud, negligence and insider
trading. It levelled similar alle-
gations against the other direc-
tors. However, Mr Coughlan
and his colleagues counter-
sued the Australian company
with allegations ranging from
abuse of process, to a mali-
cious conspiracy to deprive
them of indemnity Insurance
coverage.
Upholding the directors'
claims, the Nova Scotia court
ruled in essence that WMC
failed to do adequate home-
work ou Seabright in its eager-
ness to cloak its intentions and
to shut out competitive bids.
According to the judge, the
WMC team “cannot deny there
was public information to alert
them that there were prob-
lems, as they were aware of
sampling problems, they were
aware that Beaver Dam had
suffered a setback and that
Seabright, through Coughlan,
was over-promotional and lack-
ing the technical stalls neces-
sary".
He said there was no evi-
dence to suggest any intention
among the Seabright directors
to commit fraud. They gave the
impression of being reluctant
sellers.
The judge was scathing
about WMCs conduct after it
discovered It had made a disap-
pointing Investment. He said
the Australian company acted
“with callous disregard of the
rights of [Mr Coughlan and the
other Seabright directors] and
a determination to cause them
injury".
Although Mr Coughlan and a
Seabright vice-president
remained on the payroll for
some time after the takeover,
WMC never asked about nor
confronted them with any of
the information offered as evi-
dence during the trial.
The judge also criticised
Western Mining
Sham price (AS) Turnover (AStm)
Net Income (Affty
.250 - -
200 —
is o
„ 100
'50
L-l t j I
1B88 90 82
Source: Oafwam
WMC for serving its original
claim on the directors one day
after the expiry of their indem-
nity insurance, without provid-
ing advance warning to the
insurer. “The intention to sue
was known, the existence of
the policy was known, and
copies of the policy were in
hand." he said
Noting that “the predomi-
nant purpose of [WMC’s] litiga-
tion was to injure [Mr Cough-
lan and his colleagues L" the
■i98h...«a::;«2- ■
judge said that they “ have
been grievously Injured in
their reputation at large in the
business community and in
their personal lives.1’ Hence his
decision to award substantial
damages
The judgment raises wider
questions about the secrecy
and single-mindedness with
which such deals are pursued.
The judge dismissed much of
Mr Morgan’s evidence as unrel-
iable. but noted that his lapses
were perhaps understandable
in view of his hectic travel
schedule that week and his
failure to keep notes.
The money involved is rela-
tively small, but the judgment
is a blow to WMC. not least
because it draws attention to a
period described by Mr Morgan
as one in which the group's
"toe was stubbed”.
When it embarked on its
North American spending
spree, WMC bad cash reserves
of A$370m (USS264.3ra>, backed
by A$S40m from a successful
rights issue. The gold market
was rising and the global stock
markets' collapse in October
1987 left the group well-placed
to pick up bargains for cash.
The collapse of its North
American strategy was a blow
to WMC. It has begun to flex
its muscles again, notably
through the (JS$240m purchase
from BP of the 49 per cent of
the Olympic Dam copper/ urani-
um/gold/silver mine it did not
own.
The group's share price has
risen since the Canadian judg-
ment, suggesting the Seabright
debacle is regarded by inves-
tors as old news. Mr Morgan
will be hoping it stays that
way.
Greek private bank to
set up unit in Romania
By Kerin Hope fn Athens
CREDIT Bank, Greece's largest
private bank, is setting up a
bank in Romania in which the
European Bank for Reconstruc-
tion and Development (EBRD)
win take an equity stake.
The new bank, to be called
Bank of Bucharest, will have
start-up capital of JlOm. it will
be the first foreign-owned bank
to open in the country since
the overthrow of the Commu-
nist government in 1989.
The EBRD is to contribute
$2. 5m in equity, with the
remainder being covered by a
holding company coo trolled by
Credit Bank, in which several
Greek businessmen will have
minority holdings. The new
bank will be managed by
Alpha Finance, the merchant
banking arm of Credit Bank. It
is expected to start operating
by the end of 1993.
Mr Panagis Vourtoumis,
managing director of Alpha
Finance, said the bank would
look for opportunities offered
by Romania's privatisation
programme as well as financ-
ing trade carried out by a
growing number of Greek-Ro-
manian joint ventures.
Compagnie Generate des Etablissements Michelin
1992 Consolidated Results
The michelin recovery continued in 1992. After an exceptional
non-recurrent charge of FF 587 million arising from the
application of new accounting standards by Us US subsidiaries,
the consolidated net loss was FF 1 1 million, against a loss of
FF 1.013 million in 1991. The Croup share in the result was a
profit of FF 79 million and that of Minority interests, a loss of
FF 90 million.
1992 SUMMARY
Sales volume progressed in a contrasting fashion during
the year. The first six months was 3.5% higher than the
corresponding period of 1991 but tyre demand in European
markets fell sharply from summer onwards.
michelin is now strongly represented in North America
but despite a moderate improvement in sales in that
region, total sales volume for the year was down by 0.2%.
During the course of the year certain European currencies,
together with the US dollar, devalued against the French
franc The effect of adverse currency movements, combined
with lower sales volume, resulted in a consolidated turnover
of FF 66,847 million, a fall of 1.2% on the previous year.
SUMMARY OF RESULTS
The recovery plan, implemented in early 1991, was the main
contributor to an improvement in profitability in the first
half-year. This could not be sustained, however, given the
deterioration in European markets from summer onwards.
Trading profit was FF 4,254 million, an increase of
FF 377 million on the previous year.
Net financial charges were FF 2,698 million. The reduction
of FF 399 million was due to exchange rate fluctuations,
lower interest rates and a reduction in average debL
Ordinary profit was FF 1,556 million, FF 776 million
higher than L99L
Despite the improvement the ordinary profit before
taxation represented no more than 23% of sales turnover
for the year whereas a level of almost 4% had been achieved
in the first half-year.
Implementation oF the recovery plan continued in 1992
and within the Framework of die plan, michelin has now
reduced its workforce by 16,000 employees in two years.
The related costs were provisioned in 1990 and 1991 thus
have no bearing on the extraordinary resides for 1992.
Extraordinary profit for the year was FF 221 million,
consisting mainly of gains on the disposals of various
capital items.
in total, after the charge for taxation and the exceptional
charge of FF 587 million arising from the appUcafaon ol
new accounting standards by the US subsidiaries the net
result was a loss of F F 11 million.The exceptional charge
was related to post-retirement medical costs m the US
and to deferred tax provisions.
Funds generated from operations during
were FF 5,145 million, an increase of FF -.056 million
over 1991-
The accounts of the Compugnte Giuenle de
Etablissements MiCHEUN show a profit of FF ZB
million against a profit of FF 118.4 million for 199L
Adverse Ganges in exchange panties dunng the second
half-year led to a slight reduction in the «
Returning positive, the net financial resu J ! was ■ FF ^55,2
million andthe profit on ordinary activities, FF 326,6
million in 1991. increased to FF 403 1101^011 for^Aey^r
1992 Including a provision of FF 200 mifiion lor
depreciation- of shareholdings in Mamifacwre Franchise
d2 Pnetimatiques MICHEUN the was
FF 198 million, after FF 224.3 million in 199L
MICHEUN GROUP - PRINCIPAL CONSOLIDATED
PROFIT AND LOSS ACCOUNT ITEMS.
FF miliums
1992
1991
Net sales
66,847
67.649
Trading profit
4.254
3,877
Net financial charges
(2,698)
0,097)
Ordinary profit
1,556
780
Extraordinary profit (loss)
221
(1.193)
Depredation of goodwill
(241)
1200.1
Tax on profit
(950)
(425)
Share of companies consolidated by
the equity method
(10)
24
Net charge arising on implementation
of new US accounting standards
(587)
Profit (loss)
111)
(1,013)
of which: Group
79
(699)
Minority interests
(90)
(314)
Funds generated from operations
5,145
3,089
The above accounts have been presented to the Company’s
Conseil de Surveillance. The Managing Partners will
convene the Annual General Meeting of shareholders at
9.30am on 25th June, 1993 at Aulnat, Clermont Ferranti,
France, and will propose the distribution of a net dividend
of FF L50 per ‘S' and per partially redeemed ‘A’ share,
and FF 1,60 per 'A’ capital share.
OUTLOOK
The situation which developed during Autumn 1992
continued into the first quarter of this year. European tyre
markets, particularly those allied to vehicle construction,
have maintained a slow downward trend, in contrast with
markets in North America which would appear to be
recovering.
Likely influences on the 1993 results are again difficult to
predict The size and duration of the downturn In Europe,
confirmation of the recovery in North America and the effect
of reductions in European interest rates, cannot presently
be foreseen.
In die absence of a rapid recovery from the trading
conditions which prevailed in the first quarter, the net
result for the first half-year would inevitably be in deficit
Adapting to the changing situation, MICHELIN has:
- introduced short-time working in order to balance production
and sales.
- imposed new limits on investment. Expenditure will be
directed mainly towards improving productivity gains and
plant flexibility.
Within die framework of the recovery plan the considerable
efforts made by t he Croup have enabled it to achieve a recovery
in two years.
The sharp deterioration in tyre markets, the end of which
remains unpredictable, has imposed the need for renewed
action lo counter what could be a sign of fundamental
economic change. In response, there will be an acceleration of
efforts to reduce costs- Based on the current position, the target
set is FF3.5 billion in two years.
The negative influences of the present economic climate will
thus be limited. Principally, however, having reached its first
objective in manufacturing cost reductions, MICHEUN will
be in the best competitive position to gain rapid benefit from
any upturn.
Court orders
Deloitte to pay
AW A damages
THE New Sooth Wales
Supreme Court yesterday
ordered Deloitte Touche Toh-
matsu, the international
accounting and auditing firm,
to pay AW A, the Australian
defence and telecommunica-
tions group, nearly AS 2 4m
(USSl6.9m) In damages and
Interest, AP-DJ reports from
Sydney.
The court previously ruled
that Deloitte, formerly AWA’s
auditor, was liable for 72 per
cent of foreign-exchange trad-
ing losses by tbe electronics
company in 1986 and 1987.
The court decided yesterday
on the amount owed. AWA
may also be dne costs.
Deloitte did not accept there
was evidence for AWA’s asser-
tion that directors would have
changed their policy in rela-
tion to hedging against for-
eign-exchange exposures.
CRA bid for Cail given boost
By Kevin Brown
THE A$716m (US$487m) bid for
Coal and Allied Industries
(Cail) by CRA, the Australian
resources group, appeared cer-
tain to succeed yesterday alter
Call’s independent directors
said some shareholders should
accept tbe offer.
CRA was given a further lift
when Mr Tony Haraidson, Cail
chief executive, and Mr Mich-
ael Biackham, deputy chief
executive, said they would sell
part of tbeir personal share-
holdings.
“If I thought there was a
chance that CRA would not get
control, I would not be accept-
ing for my shares,’' Mr Haraid-
son said “1 have a significant
financial exposure that I would
like to reduce somewhat’’
Call’s independent directors
said medium to long-term
investors should reject the
AS11.50 a share offer because it
was not high enough. How-
ever. they advised sharehold-
ers with “short-term liquidity
requirements” to accept
Grant Samuel and Associ-
ates, Australia's premier valua-
tion company, valued Cail
shares at between AS12.49 and
AJ14.61 a share and described
the bid as reasonable in a
report included with the Cail
directors’ statement
Cail issued revised profit
forecasts for the next three
years, which it hoped would
persuade institutional share-
holders to keep all or part of
their holdings. The company
forecast net profit of A$55.45m
in 1992-93. well above market
forecasts of A$45m to A$50m. It
said net profit would rise to
A$75.15m in 1993-94 and
AJ8355m in the following year.
He said the company had
completed a capital expendi-
ture programme, and forecast
that improved productivity
would help it benefit from any
increase in coal prices.
The offer is CRA’s second
attempt to gain control of Cail.
which is- the biggest coal min-
ing group in New South Wales.
CRA owns 40 per cent of Call
following a AS8.50 a share offer
in 1991.
• Directors of Mcllwraith
McEacharn, the Australian
coal and transport group, yes-
terday gave unanimous sup-
port to a A$1.95-a-share take-
over offer From Cyprus
Minerals 'of tbe US, which val-
ues the group at A$82.3ni.
The directors said they had
asked the Australian Securities
Commission to allow share-
holders who accept the offer to
retain the interim dividend of
1.25 cents a share.
Mcllwraith said it required
“significant financial support"
to develop its main asset, a 40
per cent holding in Oakbridge,
a NSW coal producer.
ANNOUNCEMENT
REPUBLIC OF TURKEY
PRIME MINISTRY
PUBLIC PARTICIPATION ADMINISTRATION
The Republic of Turkey, Prime Ministry Public Purridpatiou Administration (PPA) offers for block sale the shares of the
following company by negotiation method:
Company Name (Industry)
Share Capital
of the Company
erg
Percentage of Nominal
Shares Subject Value of Shares
For Sale (TO
Amount of
Bid Bond
(TL)
K0MA$ Kfttahya Manyerit i$ letmeleri A.§. 8,000,000,000
(magnesite extraction and processing)
99.28%
7,942,255,400 10,000,000,000
4.
5.
6.
7.
8.
9.
10.
Information memorandum relating to the sale of die above company can be obtained from the Public
Participation Administration lor a fee of TL 250,000 (Twohundred and fifcylhousand Turkish Liras).
The sale of the shares of the stated company will be realised by obtaining the bids and performing
negotiations with the bidders.
Tender offers shall be given in US Dollars. In the event or the offer is made on installment basis in US
Doiiais, the portion related to installments will be discounted by applying UBOR+2 compound
Interest principles. The down payment and installment payments, denominated in US Dollars, shall
be made in Turkish Liras by using the Central Bank's foreign exchange selling rate prevailing as of the
payment date.
Investors are required to submit an irrevocable unconditional bid bond payable on first demand with
a maturity period of at least 6 months, amounting to TL 10,000.000,000 to Public Participation
Administration's Office (HAseyin Rahmt GOrpinar Sokak, No: 2 C&nkaya, 06680 ANKARA-
TURKEY) no later than May 21, 1993 Friday by 6.00 PM Turkish mean time.
The tender offer, together with the receipt given when the bid bond has been submitted to PPA, shall
be made in a sealed envelope on which the name of the company and the note of ■CONFIDENTIAL*
should be indicated
The following documents must be attached to the tender offer in the event,
a) the bidder is a real person, the certificate of specimen signature.
b) the bidding is made by a proxy, the power of attorney particularly authorizing to bid in this tender
on behalf of die bidder together with this certificate of specimen signature of the attorney,
c? tbe bidder is a legal person, a certificate of power proving that the persons acting on behalf of (he
legal person have the authority to represent and obligate the legal person together with specimen
signature.
Other issues relating to the sale of the company shall be notified by the Administration to the bidders
during sale negotiations.
Subsequent to the termination of the sale negotiations with the eligible bidders; a letter of intent
encompassing the terms of price and payments as well as a performance bond amounting at least 6%
of the final agreed value will be requested from the bidder who meeis the PPA's selection criteria.
The unconditional bid bond will be cashed and recoded as income in the event that (he letter of
intent is not given or the letter of intent is given however the performance bond is not given and/or
the agreement is not signed within the period as agreed upon between the parties.
The Republic of Turkey, Prime Ministry Public Participation Administration is not subject to the State
Tender Law No: 2886 and reserves the right to decide whether or notto sell the shares and to extend
the deadline of the tender, if deems necessary.
The sale of the shares to real persons and the legal entities domiciled abroad is subject to the existing
law and regulations of Foreign capital, copies of which are obtainable from the Undersecretariat of
Treasury and Foreign Trade, General Directorate of Foreign Investment.
K 0 I
REPUBLIC OF TURKEY
PRIME MINISTRY
PUBLIC PARTICIPATION
ADMINISTRATION
Hdseyln Rahmi Gftrpmar Sok. 2 Cankaya. 06680 ANKARA-TURKEY Tel: (90-4) 441 15 00 Fax; (90-4) 440 32 71
INTERNATIONAL CAPITAL MARKETS
Rate-cut expectations provide the spur for European rally
_ — muT’ nr,- Tnnanese £
By Sara Webb in London
and Patrick Harvereort
in New York
EUROPEAN government bond
markets rallied on rumours
that several European central
banks may announce a co-ordi-
nated round of interest rate
cuts shortly.
German government bonds
gained a quarter point on the
day. despite initial disappoint-
ment over the Bundesbank's
repo result.
Tbe Bundesbank cut the
minimum interest rate on two-
GOVERNMENT *
BONDS
week securities repurchase
funds from 8.17 per cent to 8.13
per cent, with a net drain of
funds from the system. Dealers
said bunds fell back on tbe
news as the market was disap-
pointed by the small size of the
Bundesbank's cut.
The Liffe bund future con-
tract, which opened at 95.90,
fell back to 95.7] but then ral-
lied to reach a high of 96.15 as
investors bought across the
range of maturities.
Dealers said buying was
sparked mainly by rumours
that there may be a concerted
round of interest rates cuts
at the weekend in Europe.
The futures contract ended
at around 96.10.
■ FRENCH government bonds
staged a strong rally ou expec-
tations of a cut of at least 100
basis points in the repo rate
today.
The Matif futures contract
jumped from a low of 117.60 to
reach a high of 118.00, before
ending at around 11758. The
yield on the 10-year bond
ended at 7.16 per cent, against
its previous close of 751 per
cent.
Dealers said there were also
rumours of switching out of
French equities into bonds.
They noted particularly strong
buying of French bonds by US
investors.
■ UK GOVERNMENT bonds
took their cue from the other
European bond markets yester-
day, gaining up to V* point at
tbe long end.
Dealers noted strong demand
for longer-dated issues, particu-
larly in the 20-year area.
The rally enabled the Bank
of England to sell two of the
four tap stocks which were
announced on Friday.
The £250m tranche of 7 14 per
cent stock due 1998 and the
£200m tranche of 9% per cent
stock due 2002 were exhausted
FT FIXED INTEREST INDICES
BENCHMARK GOVERNMENT BONDS
ARfl 7 April e Aprils Ajxl 2 Apia I
Y«ar
ago
Mtfi ’ Low *
Goto Secs (UK)
9720 96.92 9684 97.10 9688 8£61 98.04 8828
11209 112.78 11283 112.73 112.67 99.11 11383 10887
Boil 100: QovarmHni SsourtHn 15/UVCfc ftad biwrast 1928
* tar 1993. GoMnvnont StcuUa regft wnco camufaaan: 127.40 (Srt/JSj. law 48 f8 071/7 S
Ftasd Interest N#i since uomptlHUuu: 1 1383 (8/3733}, low 5053 p/1/75)
GILT EDGED ACTIVITY
Mar 31
JmBCDD
Aprf 6
Apr B 5
April 2
April 1
GPI Edgad Bargains IDSLS 93 5 102.6 1Z55 141.7
B-Oay average 11X1 117.5 122.3 17X6 1252
• SE activity m*oss retased 1974
yesterday. Short-dated gilts
gained about % point, with the
7V« per cent gilt due 1998 rising
& to 102'/..
■ FIRMNESS in the German
government bond market and
hopes of lower European inter-
est rates helped to lift Italian
government bonds yesterday.
The market has been rocked In
recent days by political scan-
dals and traders pointed out
that Italian bonds had been
“oversold" as a result
The Liffe BTP future broke
through the 94.00 level, to end
at 94.32. In the cash market,
the March 2003 BTP ended at
92.13. up from Tuesday’s close
of 91.85.
■ ELSEWHERE in Europe, the
Spanish government bond mar-
ket continued to fall on politi-
cal worries and lost about %
point initially. However, bond
prices were pulled up later by
the rally in German bonds to
end unchanged on the day.
■ AFTER early gains, US
Treasury prices were mostly
flat yesterday morning, as
investors and dealers traded
cautiously ahead of today and
tomorrow's all-important infla-
tion data.
By midday, the benchmark
30-year government bond was
up £ at 102&. yielding 6.959 per
cent. At tbe short end of the
market, the two-year note was
slightly weaker, down &
at 99%, to yield 3.924 per
cent.
The main feature of early
trading was a report published
by economists at Goldman
Sachs, the Wall Street securi-
ties house, which predicted
that tbe Treasury department
Coupon
Red
Data
Price
Change
YteM
Week Month
ago ■»«»
AUSTRALIA
mooo
10/Q2
115.6239
•O.BOI
756
7.78
7.91
BELQWM
9.000
03/03
1109750
•0.425
7.41
7.42
724
CANADA ■
72 SO
OB/D3
97.7500
*0550
T 57
7.48
7.31
DENMARK
£000
05/03
100.6500
•0.450
750
7.97
£06
BOTI
05798
104.5010
•0.127
£91
£99
7.1S
OAT
B Ann
04/03
109.4900
*0.430
GERMANY
7.125
12/02
1035940
*0269
6.60
6.66
650
ITALY
11500
03/03
92.1650
•0280
13.34f
1321
12.78
4.900
06/99
1035773
-02«
4.13
422
£71
No 145
5500
Q3/D2
1075721
-1.568
NETHERLANDS
7.000
02/03
1025600
*0.450
&81
6 06
£46
SPAIN
10L3DO
06/02
93.3005
•0.003
1159
11.48
1129
03/99
102-08
+8/32
£71
£70
853
1D2-O0
*W3S
7.08
9 DOT
10/08
107-18
+17/33
£13
ft. 06
£2S0
02/D3
100-25
-5/32
fi.14
5.99
550
7.12S
02/23
102-11
-
£94
EBB
ECU (French Go*}
£000
04/03
1D3.1SOO
+0.580
754
7.80
7.44
London dosfen. 'denote* ttaw Yo»fs mominfl sessun
Yleuc Local martot stanoaro
t Giwb annual yield (including .rtMKttng iw at 1£6 per
Prtcos: US, UK w 32nd*. other* h deem* To&mal OMATIAS Prkx Soraces
would cut the 30-year bond
from its May refunding alto-
gether, and from then on
switch to twlce-yearly bond
sales. Tbe changes in the bor-
rowing schedule would be
implemented as an attempt to
cut the cost of Financing
the huge federal budget
deficit.
The Goldman report pro-
vided an early lift to bond
prices. But because it was not
based on contacts with Trea-
sury officials, the market
quickly gave up most of its
gains. Consequently, attention
soon returned to the upcoming
inflation numbers.
Recently, fears that inflation-
ary pressures are building up
in the economy have taken the
wind out of the bond market's
sales, so dealers and investors
will be closely watching
today’s producer prices index
and tomorrow's consumer
price index - both for March -
for any evidence of creeping
inflation.
■ THE No 145 Japanese gov-
ernment bond fell back sharply
yesterday on speculation that
it may soon lose its benchmark
status.
Dealers said there were
rumours that the ministry of
finance had suggested chang-
ing the benchmark bond more
frequently, ^ere was specida-
tion in the market that the No
153 could take over as the
benchmark issue.
The No 145, which matures in
March 2002. underperformed
the market as the yield moved
from 4.325 per cent at the open-
ing and traded in a range of
4.32 to 4.445 per cent, before
closing in Tokyo at 4.42 per
cent. ,
The bond recovered some of
its losses in London trading,
reaching a yield of 4-375 per
cent
One trader said the rumours
were unlikely to be true as the
No 253, which matures in
December 2002, is less liquid
than the current benchmark
and consists of two separate
tranches.
The sharp fall in the No 145
JOB added to the weak senti-
ment in the market, traders
said.
The futures contract opened
at 107.76 and moved in a range
of 107.60-107.91 before ending at
107.80.
Innovative £200m Barclays Bank issue attracts investor interest
By Tracy Corrigan
BARCLAYS Bank's £200m
issue or 9% per cent subordi-
nated undated bonds provided
a focus of attention yesterday,
as dealers and investors exam-
ined the latest innovative capi-
tal structure created by a UK
financial institution.
The deal priced to yield 140
basis points over the 9 per cent
INTERNATIONAL
BONDS
gilt due 2006, is callable after
15 years; if the call option is
not exercised, interest is reset
at the higher of either the cur-
rent coupon or a margin of 240
basis points above the five-year
gilt yield. The issue, arranged
by Barclays de Zoete Wedd,
was mainly placed with UK
institutions.
In effect, the structure
means that the investor is sell-
ing the issuer an option to
extend the debt, but many
investors may view the deal as
15-year paper, on the assump-
tion that Barclays will exercise
the call option. But it is hard
to predict the shape of the
undated debt market, or even
Barclays credit, in 15 years.
Meanwhile, for the first 15
years, Barclays is paying sub-
stantially less than it would
have to pay for undated debt.
For example, permanent inter-
est bearing shares (Pibs) issued
by many building societies
mostly yield about 250 basis
points over the long gilt
According to investment
bankers' estimates, Barclays
would probably have to pay
about 95 basis points over 15-
year gilts for 15-year subordi-
nated debt. This means inves-
tors are effectively valuing the
call option they have sold to
the issuer at 45 basis points.
For this, Barclays is gaining
upper tier 2, rather than loner
NEW INTERNATIONAL BOND ISSUES
Borrower
US DOLLARS
Amount m.
Coupon 9k
Price
Maturity
Fees
Book runner
Aquarius PluafCaymanXait
100
(a)
100
Dec2000
0275/-
Citibank fntemotUnal
Bayerische Landeabankfbvt
50
w
99.75
May 2003
05/025
UBS
YEN
Toray Industrie9fc#
10bn
w
100
Jul.1997
025/0.15
Sakum Finance lnU.
STERLMO
Baretays Bank(d)
200
9575
100.856
(d)
0.75/0575
Barclays de Zoete Wedd
Leeds Pamuaienf BS
100
7. STS
100.666
May. 1098
lATSHJSS
Samoa/ Montagu & Co.
SWISS FRANCS
Eurovla3«
100
525
101.5
May 2000
-
Credit Suisse
Final terms end non-celtabte unless stated. * Private placement. tPoaung rote note, a] Coupon pays 6-rronth Ubor - 025%; minimum
596, maximum 7596. b) Issue launched on Monday was increased to SlSttn. Coupon pays 8-month Lfcor - D2S96; minimum 596.
maximum 896. c) Coupon pays 4% In first 3 years end 6-mcrith Ubor - 0.125 In the Ena) year. Puttsbie on 2977/96 at par. d) Perpetual
suboettnated Issue. Calabta at par on 12/5/2008. then every 5 years. If not called, coupon w* be reset at the higher of the then current
coupon or the pravagng 5-year benchmark £it +■
240bp.
tier 2 capital, which suits its
balance sheet needs. At the
same time, the bank does not
have to lock into an interest
rate forever, as In preference
share or Pibs issues, which
count as tier 1 capital under
international guidelines.
Despite the attractions of the
structure, UK banks have
recently been active issuers of
subordinated debt, and may
not need to raise further capi-
tal in the immediate future.
The deal met firm demand
from UK institutions and could
well flow through to retail
accounts. The coupon of 9%
per cent for a familiar name
appeared attractive in the cur-
rent low interest rate environ-
ment and UK institutions, such
as insurance companies, lack
higher-yielding longer-dated
paper.
Pibs have proved a surpris-
ing hit with UK retail investors
keen to improve their returns
now that deposit rates have
fallen, and the Barclays deal
could also catch on, with a
minimum denomination of
£1,000 designed to allow retail
investors to participate.
Also in the sterling sector,
Leeds Permanent Building
Society launched a £l00m five-
year deal, priced to yield 75
basis points over the 7% per
cent gilt due 1998.
Unlike many recent five-year
deals, the maturity date of the
bond issue and the gilt over
which it is priced falls in the
first half of 1998. Many recent
five-year issues were struc-
tured with maturity dates at
the end of 1998, taking advan-
tage of the shape of the yield
curve to make yield spreads
appear more generous.
Elsewhere. Citibank
launched an unusual issue of
collared floating rate notes,
through a special purpose
vehicle, backed by Federal
National Mortgage Association
debentures. Bayerische Lan-
desbank added $50m to its col-
lared FRN launched earlier
this week. Collared floating-
rate notes incorporate mini-
mum and maximum coupon
levels, known as floors and
caps, and provide investors
with an up-front premium to
current short-term interest
rates.
In the Samurai bond market,
the Republic of Finland
launched a YiSObn issue of 10-
year bonds via Nomura Securi-
ties. Finland has now com-
pleted about two-thirds of its
FM80bn funding programme
for 1993. which is to be split
between the domestic and
international bond market
The Samurai market - the
Japanese bond market for for-
eign borrowers - offered
cheaper funding than the Euro-
yen market particularly for an
issue of this size, even though
fees are higher than in the
Eurobond market.
The deal was the second
largest launched in the Samu-
rai bond market following a
Y200bn issue by Sweden last
year.
Advance at
Bear Stearns
shows Wall
Street bullish
By Patrick Harverson
BEAR Stearns yesterday
provided the first evidence
that Wall Street’s earnings
spree continues unabated
when the publicly-owned secu-
rities house reported record
third-quarter profits of
Sll0.42m.
The firm's profits, which
cover the three months to the
end of March, were 21 per cent
higher than the S9iMm in tbe
same quarter of 1992, and
were made on revenues of
$570.64m. up from $532£2m a
year earlier.
Bear Stearns said its strong
earnings reflected sig-
nificant increases in revenues
across most main lines of busi-
ness.
The investment banking
unit put in the best perfor-
mance, with revenues jumping
32 per cent in the quarter to
S87.9m. as the firm rode tbe
boom in demand from US and
foreign corporations for stock
and bond underwriting ser-
vices. In the first three months
or the year. Bear Stearns was
the eighth biggest underwriter
of debt and equity on
Wall Street, handling 55
Issues worth a total of
SlL7bn.
Revenues from principal
transactions were also up in
the third quarter, to a record
$320. 3m, 3.5 per cent higher
than a year earlier. The firm
said its trading of fixed-in-
come and over-the-counter
securities was especially busy
in the first three months of the
*
Commission revenues came
in at $112.7m, up almost 8 per
cent on 1992, due to increased
demand for the firm’s
correspondent clearing
operations.
Bear Stearns' bottom line
was helped by a modest 3.7 per
cent increase in non-interest
expenses to S3S7.2m. In com-
parison, the firm’s revenues
rose 7.2 per cent in the quar-
ter. The largest component of
costs, employee compensation
and benefits, rose 5.4 per cent
to S276m-
The figures were well
received on Wall Street, where
buyers bid Bear Stearns’
shares up to $18% on the
New York Stock Exchange.
MARKET STATISTICS
FT/ISMA INTERNATIONAL BOND SERVICE
Usud are tf» latest kaamaoom txn& tar which ttnwtt h an Mae/iMto secondary market
Og.
05. DOLLAR STRAIGHTS
ABN 9 1/8 94
200
BM
106
oner
108%
fey
VMM
4.31
F • 1 1 ; ' : , | / T i ; J / V • I ' ^ PTOS
600
»0%
111%
a
4.7H
400
112%
113%
108%
£12
100
108%
♦%
1 :l: i-L' -PPPP^^lPftW^
250
116%
11/%
1 !*■ A AT l 1‘ 1
190
108%
109
BNP a 5/8 94
300
105%
H*
*%
BRUSH GAS 0 21
1500
10%
10%
+%
1000
111%
111%
+%
rsn
300
106%
109%
4.34
100
m,
1«J
+%
»4I
mT E;l J-I'
100
108%
109%
5.18
300
117
117%
♦%
■TM
* a.-: P: .ckV/TnHvMNMIHMH
1571
109
109%
4J5
ECSC8 1/4 96
193
109%
110%
♦%
£27
EEC 6 1/4 98
100
108%
109%
£16
B8 7 3/4 96 -
250
108
IS
5JJ1
BB 9 1/4 97 - ...
1000
114%
♦%
£61
:l^ il'J ; , ' 1 ; ' b ^ITPiPiPSx^gSji
aoo
114%
114%
£84
- 1- ' <Vii I"
325
105%
“ft
*%
£03
:T7; 1 , '' 1 Bf IT EMBWWEPIBIP ftw£
100
111%
*4
502
150
115%
8.00
~l' r.vTi r
200
107%
+%
573
200
110%
110%
£03
n 'l ■* i *1*/ ^
1500
100%
111%
101%
+%
£13
r : ■ : 1 - ef J ’ j iV •' E • C. 1 T :
300
112%
*%
b.ai
- '■ 1-
200
107%
108%
£24
•1 ■ u r ■
200
10/%
107%
+%
57/
200
*0/4,
100%
+%
£09
if A 11 U1
1500
108%
108%
+%
4J1
3S0
113%
113%
+%
50b
200
108%
107%
♦%
£94
.''•jK.lVi J r:lrl-9#Ji ^rZ
1000
103%
104
*%
£Bb
i !• -f il T
860
106%
106%
418
ISO
110%
111%
£34
' 'f y j P i : w\ i -Tl-l *j \' .
ZOO
108%
109%
*%
4.47
3000
103%
104%
*%
£94
200
112%
112%
6.45
A U>.:lJrfZEa i
ZOO
105%
"K»
*%
£16
150
!»
£33
-•lu'i.'l'i' . ■■BWMmHMH
ZOO
112%
£17
-Vi,
150
110%
111%
-%
E.G8
. 1|1 ••■■.yv'.'-vCiv'v. • M
ZOO
111%
112%
+%
7J3
.r r|
500
109%
109%
485
SNCF 9 1/2 98
150
118%
101%
117
+%
£78
1500
102%
£13
200
108%
109%
£50
2000
,o:s
102%
4 72
700
109%
*%
5.U7
300
110%
HI
£28
200
1DB%
110%
£22
1500
<W%
100
+%
568
3000
109%
105%
♦%
£44
1500
112%
M3
+%
£08
1500
112%
107%
112%
*%
570
too
108%
•%
£78
500
*8%
*%
500
105
*%
£97
2000
102%
102%
£87
1000
101%
101%
-%
649
700
106%
108%
-%
689
6FC 9 1/2 00 . - ...
2900
100%
100%
104%
r%
5.4T
SB 7 1/2 99
400
103%
*%
£75
I1, " '
3000
102%
102%
4%
709
900
104%
♦%
i-f
5000
101%
101%
+%
£93
1500
1Q3%
103%
+%
£35
• 'w:1 ,IJLl
4000
102%
*02%
4%
£94
Ji -j * i -Tl.V
3500
105%
105%
£65
1000
1W%
104%
•%
5000
103%
103%
+%
y j is: t ; j if 1 7
400
IDG
108%
£96
i ^ 1 jJnTb -T 1 .• ' .■ffi
2000
7.1%
24
4%
£58
'iVI; V/TlPiTTwiPIftlllWH
300
98%
111%
99
6.32
WORLD BAML 8 1/4 00
1250
112%
*%
6 61
¥.<■ V 1 1 * ^ J : V i . ■ f
290
100%
100%
4.63
: ■ * -I J . V-. *■ 4-A V r-lNNii»SfwOI
100
112
' :i f. l ■ i ll r/1
300
110
no%
£38
" LJ i'a' wj’ 'Vp, , 111 ' r1 f
100
103
103%
*%
5JK
: 1 J|L j ' V J , r j Lj 1 ; i Jl lfr
100
106%
107%
£74
i*-*. i! ifcl
100
111
112
573
*%
. T'-w ' Vi
200
99
99%
,’irV; rT.mfj'Fi
400
544
*Hi: ■ IMlPBEiiAIHe!
100
95%
4%
555
SNCF T D4 _ . .
450
113%
114%
ISO
wrri
£00
111%
111%
+%
£23
tt——
40000
105%
105%
SB J VB
4 0000
101%
-i i ; -i i
104%
t%
i . ,»;h * 1 • w-
50000
108
106%
nil
30000
M2
nfi
i v l ■ v vi .• i J
looooa
101%
101%
Hr 1
120D0O
-%
60000
50000
105%
105%
*%
50000
102%
102%
30000
1 / - • Z T tlf'i
20000
103
103%
50000
109%
110%
-%
£03
AflBHJ 7 1/2 95 Iff
ECSC73/4 94 Ur
UMLB/ER 9 00 H .
Lafoa phceo at 8*5 pm on Aprf 7
Cta.
mood BM Odar day Ytekl
600 98k 99%
1000 100 100%
1000 101% 102%
500 109% 10W*
AIBERTWROVUCE 10 5(8 96 CS
BELL CANADA 10 S/B 99 CS ...
BRITISH COLUMBIA 10 96 CS
Effl 10 1/9 98 CS
ELEC DE FWfeCE 9 3/4 99 CS
KMD CHHjrr CAtUW W 94 CS
684 are CAPITAL 10 96 CS
KRW NT FN IQ 01 CS
IfPPQH TH.5 TBL 10 1/4 99 CS
0HTAH0 HYDRO 10 7/8 9B »
OStm KQNTR0LLBANK 10 1/4 99 CS
500 115% 115%
- — 07%
809
7.77
7.47
870
628
4% 7.83
♦% 6.56
500 107% 107
150 109% 110%
500 106% 100% +% 7.53
130 108% 110 +% 7.88
275 108 100% 4% 8.08
TOO l£H% 103
300 105% 10B%
400 108% 109%
200 109% 109%
500 111 111%
4
&00
7.B0
*% 8.43
♦% 834
At a 45
QUEBEC PROV 10 1/2 BSCS
BRQIM 9 1/8 95 Ecu
CPBXT LYONNAIS 9 96 Ecu
DENMARK 7 S/B 98 Ecu
B8 10 97 Ecu
FERRO DHL STATIC 1/8 99 Ecu
ITALY 10 3/4 00 Ecu
SPAM 9 96 Ecu .
UNITED NNGQOM 9 1/8 01 Ecu .
ABC 10 99 AS
BP AMERICA )2 1/4 98 AS
COMM BK AUSTRALIA 13 3/4 99 AS .
BSP0HTFWANS 12 3/0 95 AS ___
EUROFNA 14 5/8 94 AS
MCDONALDS CANADA 15 95 AS
SIH At/ST GOVT FW 9 QZ«
UMLB/B1 AUSTRALIA 12 98 AS
V0USWAG6N MU. 15 94 AS
ABBEY NATL THEAS 13 3/8 95 £
ALLIANCE A LBCS 11 3® 97 F
BRITISH GAS 12 3/4 05 £
HB 10 97 £
HALIFAX 10 3/B 97 £ .
HANSON 10 3/8 97 E
HSBC HOLDINGS 11.88 02 £
ITALY 10 1/2 14 £
LAND SECS 3 1/2 07 £ ...
ONTARIO 11 1/8 01 £
TOWEHGBI 8 70 03 f
SEVERN TRENT 11 1/2 99 E
TOKYO are POWER 11 01 £
WORLD BANK 1 1 1/4 95 £
ABBEY HATMtALO 96 NZS
IOC FW 9 1M 02 NZt
CSWE 10 95 FFr .
BLF-AQUITAME 0 89 FFr .
SNCF 9 1/4 97 RFf
150
200
1250
125
250
1125
500
1000
1000
2750
100
100
100
75
75
100
750
150
100
100
100
300
63&5
100
500
152734
400
200
100
250
150
150
100
100
75
2000
800
4000
an
040
7.51
*% 7-90
A
A
♦%
♦%
♦%
*%
791
740
0.17
03?
7.04
7.64
7.86
7.18
7.96
4% 081
-% 038
+% 084
*1% 047
H
IT .
102%
. 7.77
-% 063
604
7 S3
058
7.14
♦% 7.37
7.93
9.35
♦I 9.S5
*1 9-38
At 029
njMlWG RATE NOTES
ALLIANCE & LBCS 0.08 94 £
BANCO ROMA 99
BELGIUM 1/16 97 DM
Bra-002 96
BHTAHMA 1/10 96 E .
COT 06 ECU
cmzae fed 015 *
CflBHT HWOER -1/16 98
DENMARK -1/8 90
OHE50NBT FINANCE 1/32 98 DM ....
Ore DE FRANCE 1/8 99
FfflRO DEL 5TAT 97
Finland 97 _
HALFAX 1/10 84 £
IRELAND 98
ITALY 00 .. .
LEEDS PERMANENT 1/8 06 £
LLOYDS BANK 1/10 TOP S3
MALAYSIA 1/1806
NAUONWOE 0.08 86 t
NEW ZEALAND 1/8 96
REWE 96 —
SOOETE GENERALE 98 .
STATE BK NSW 3H6 88 .
STATE BK VICTORIA 005 89
UNITED KINGDOM -1/8 96
110 110%
108% 109%
104% 104%
102% 103%
89% 100%
108% 108%
107% ion;
112% M2%
103% 103%
106% 108%
110% 110%
112% 113%
120% 128%
110% 111%
100% 109%
116% 110%
«n% 103%
117 117%
108% 10B%
111% 112%
112% 113%
110% 110%
109% 109%
109% 110%
108% 109%
114 114%
108% 108%
101%
118%
- I®
115% 115%
118% 117
w w
108% 109%
105% 105%
104 106%
106% 107
9681 89.91
SBLTS 9947 32913
500 100.01 100.13 8.0000
99.97 3.7300
15’
20
10
200 I
99.85 8-5313
102.17 11
9901
9101 99.20 3.4375
99.70
73J» 77.25 33710
99.31 99.72 52500
s
8.48
627
8.12
6.46
£43
7.91
♦% 7 JO
*1 8.15
♦% 7.35
300
200
COWamBU BOMB
BURTON GROUP 4 3/4 01 £
CHUBB CAPITAL S 98
EASTMAN KODAK 6 3/8 01
GOLD KALCfflWJE 7 1/S 00
HANSON 9 1/2 08 £
HAWLEY 6 02 PREF
WUSDOWN 4 1/2 02 £
LAND SECS 6 3/4 02 £
LASMO 73/4 05C
MTTSU BANK 2 5/8 03
MOUNT BA m 8 1/2 97
OGO&V6Q2
SEGA ENTERPnSES 3 1/2 96
SMITH & NEPHEW 4 CE? £
SUMTOMO HAUL 3 1/8 0*
TEXAS INSTRUMENTS S 3/4 02 _.
thorn an a 3/4 04 e
- No HonmflQn gvasttae - previous d*y*i [vice
I CWy ana iraM rtufti* MWfted a pnca
hated
Cam.
rate*
BM
onw Pram.
110
2 29
134%
138
250
86
120%
121% *11.88
300
5087
106%
108% *1.10
«
>.0554
101%
>02% *48.32
113% +S&43
500
2.5875
112%
400
191
123%
125%
150
397
124%
12S%
84
£72
97%
98% *2261
90
5£4
87%
88%
200
2332.6
91%
93% *37.37
100
2J83
100%
101% *4891
as
39.077
93%
94% *55.48
200
83449
121 %
122% *230
90
1.775
132%
133% *49 47
300
38089
82%
83% *3434
300
82%
98%
99% *47.71
103
7.16
130%
131% *7 84
SjnRAlQHT BONDS: The vwM e> B» yuU lo reddirpltan at Bw Mutes, the mount asuM a tt tn4»o«tft of currency urta, CHo cBMOtangs an day
RMBNOmn MOTES! DtrtomMoB « <k Sara vteSS offunvis* nfcwa Coupon s/Mmn tr irrMnum. SpnMC=Margta atom month offered rate «
ttaiBs-iTvanth Wbo»B moan rota) Ira US daAan CcraiaTto curort eou&an.
CONVERTIBLE BONOS; Ctanrartnatra^ln acteira rauw othonrfas nfcwd Cnv. pna-Homha amount of Bond par share amrwu « curency of Miras at
■»nvras»n raw «,«! at bm Prran-PrauMitecn pramtare at ttw curort UtoctM rate* « aasMing -jtiarul Ml tho bond m me non recort rate* of the
shares.
© Tin Financial IlfltM LBL. 1993. ReptttucUon Hi vdiota or In pan In any tarn not pornMad trttboui written consent
Data support by iiacmaOanal Sacuitnes Marion Assooaaon.
RISES AND FALLS YESTERDAY
British Funds....._..._....
Other Food Interest
Commercial. IndustrlgL
Financial & Property--.— - —
09 & Gas.
Plantations - -
Minos- - - —
Others. —
Totals ....— —
Rises
FOBS
Same
50
3
24
3
0
12
209
370
S25
ne
160
518
16
21
47
i
1
e
15
43
73
50
38
35
462
641
1.540
LONDON RECENT ISSUES
EQUmES
taut
Pika
AaK
Plld
i*
UM
Kraut
on
1913
d
a
-
fP
_
%
%
150
W*.
-
i«
1S3
in
M\
-
ltd
in
in
FJ>.
-
105
98
-
FJ>.
-
44
38
138
TP.
_
146
145
%2W
Pi»
-
an
25/
«<w
fP.
-
10B
Mi
-
fP
_
3
21
380
fP
.
538
385
in
rp
-
IDG
102
m
FP.
_
21
19
in
TP.
-
HP
99
25
tP.
-
25*4
110
TP.
-
141
125
PafaVU
DmdUMUti
RenJno Emn IBM .» _
Fi* SOof US Sm» CoV
On. mows.
rttfmu kn Soto —
Mon wold
Plot ik T«
Uottowj
ttsSSyScftwaPip* —
Sdnater 5(B Fd tec _ _
Da cap.
Do. 2m Da PL
WSmartog Me 13.
IbWW FOM — — .
Qortig
PrlM
.A
101
102
41
146
S3
■s
484
10*lj
20
101%
26%
133
On
HI 95
RS2
863
an m
Onus |
CWd
Grad HE
UUi
V
FIXED INTEREST STOCKS
hm
Pax
taw
Pw
1993 1
sun
CtadPI
» V
l
■
to
■a
in 1
t
TP
117*20
ram
112L»
182%. 1
115%.
iWw
106%
1221*
IMlta
I17ta
H74o
US
125
-W
m>
FJ>
FP
in)
FP
no
FP
125%
«a Estate natfclta. In 2021
RIGHTS OFFERS
svxs R Francs* HMuotoad ttAkadomr and p/s raea
W Pro Fbrmi ngms. * tsausd By way H righs. t kMfadtat
Aol ♦ nausd m cranecdon rati n
Hy i cm and 1 am praf. (tore.
TRADITIONAL OPTIONS
• First Dealings April 5
• Last Dealings April IB
• Last Declarations July 15
• For setOsment July 26
3-month call rate indications are
shown In Saturday a oMtans.
CaJIs In; BM Group, Enterprise
Camp., Evered Bardon, Fabhaven,
Kammerson Ord^ KewU Systems,
Maddox, Premier Cons., Spring
Ram, Surrey Group and Walker
Graenbank. Put In: Harrison Group.
Puts & Celts: BM Group, Fdhrtiavsn
and Spring Ram.
FT-SE ACTUARIES INDICES
The FT-SE 100. FT-SE Mid 2B0 and FT-SE Actuaries 350 Indices and the FT-SE
tetuaries Industry Baskets are ralcnJaiad by Tbe International stock Exctuuwe
of the United Kingdom and Republic of Ireland Limited, u The International
Stock Exchange of the United Kingdom and Republic of Ireland United ls*j All
rights reserved
The FT-Actuaries All-Share Index rs calculated by The Financial Times Lim-
ited In cord unction with the Institute of Actuaries and the Faculty of Actuaries.
V The Financial Times Limited 1993. All rights reserved.
The FT-SE 100. FT-SE Mid 250 and FT-SE Actuaries 350 Indices, Uw FT-SE
AxtuariM industry Baskets and the FT Actuories All-Share Index are members
of the FT-SE Actuaries Share Indices series which are calculated In accordance
with a standard set of ground rules established by The Financial Times Limited
and London Stock Exchange in conjunction with the Institute of Actuaries and
the Faculty of Actuaries.
"FT-SE” and "Footsie” are Joint trade marks and service marks of the London
Stock Exchange and The Financial Times Limited.
LIFFE EQUITY OPTIONS
CALLS POTS
Apr Jd Oct Apr Jot Ott
550 15 33 42 6 32 40
BOO 1 13 22 48 65 71
am Dm
rsse i
ASIA 57 10% 14 15 I
res i 67 ? a is 4
3 5%
8 8%
Brit Amrap 260
0272 1 280
SW0 Brian A
390
0414 J
Boots
0485 1
BJ>.
noe i
Brian SM
f78|
15 28
3 17
27 46
36 1% 11% 16
25 11 21 26
480 6% 28
1 16 24
12 31 37
r547 J
480
500
300
330
70
80
500
530
10 33 42 6 22 27
25 39 45 49
« 14
8 23
1 9%
< 12
1% 8%
47 58
5 28
29 3% 16 71
10 28 34 38
14 f 4% 6%
9 3% 9% 11%
70 1 12 17
43 12 33 39
COMB
rraoi
Courtm**
0558 1
700 23 49 65 4 29 37
750 3 25 *0 34 57 68
41 6 27 36
50 65 68
550 9% 33
600 1 T1 21
Com. Irion 580 30 S3 58 1% 18 28
B29 3 27 35 25 38 52
0BD6 )
Psora
0188 1
«R
0450 1
QaMMaL
r«6)
160 11 22 28 3% 17 21
180 2% 13% 21 16 29 33
420 34
480 4
49 56 1 11 19
28 33 14 2B 38
390 27 42 51
420 5 28 33
1 12 17
0 23 31
I£1 1100 47 95 105 1% 34 58
011411 1160 13 66 B0 20 67 83
Khollste 53S 50 59 09
0581 J 584 7 JO 42
2 14 22
10 38 44
Ifldnfca
r>87i
160
160
6 21 27 1 1! 15
1 11 16 14 23 30
Loti Sew 500 37 48 49 1 12 18
rS35 I 550 3 13 22 20 43 45
MBS
033® )
330 12 23 31 2 13 19
360 1 9 18 23 32 35
460 10 S 42 5% 25 33
500 3 15 34 40 S3 57
Shot Trans. SSJ 38 51 61 1% 7 15
£00 3 22 30 16 26 36
180 19 28 33 1 10 11
200 5% 16 23 6% 20 24
0463)
r506 1
0197)
Tl
0781
74 5 9% 14
83 1% 6% 9
UU BBCUtJ 360 25 4Q 61
0382 ) 390 4% 24 34
Unflmr 1100 28 68 91
2 6 7%
8 12 14
1 II II
10 23 29
nm
1(50 5 43 63 24
26 35
51 58
Hay Aug m*
OHAma 3S9 27 40 S? 14 36 33
rZTO ) 260 17 31 40 24 38 44
Opflon
CAUS PUTS
Key Aug May May Aag He*
BAA
790
<2
54
69
10
77
35
rmi
aoo
18
29
44
33
52
80
BAT hds
850
38
84
75
21
38
57
fUTO)
900
22
40
SI
53
67
88
BIB
GOO
18
34
42
15
23
33
n»o)
850
4
14
22
S3
55
84
M-TMemn
i 420
19
29
35
7%
18
23
r<57)
480
4
*1%
17
34
43
47
Caaxiy Set
480
26
40
49
7%
18
24
r«74j
500
8
21
29
31
37
44
Eastern Bac
460
38
48
54
4>l
17
23
rw)
500
V4%
24
32
21
38
43
Gtanra
480
18
30
«
20
27
36
r«)
500
«%
15
28
SO
53
61
sc
300
28
32
36
3
9
12
(T23)
330
8
14
19
14
24
28
Haoan
220
IS
19%
23
3
7
11
roi;
240
5
’0
>4
13
17
3?
LASMO
140
IS
25
29
4%
0%
14
ns4»
18(1
7
14
20
14
19
25
Lucas (nth
120
12
17
21
S
JO
14
P127)
130
*%
12%
18
11
»5%
21
P.8 0.
550
27
47
57
17
30
48
P3B»
600
/%
25
38
50
SO
73
PSUnQhn
110
12
15
2D
4
8
11
nisi
120
7
10
IS
B%
14
16
PnxbrxM
300
32
40
45
3
7
12
(*327 )
330
12
21
29
12
18
25
£TZ
050
27
48
61
19
31
43
(W/
m
a
a
39
5?
61
72
Scat 6 Nm
420
42
so
63
3
14
20
r*58 )
460
14
24
32
18
33
39
Taco
220
O
23
29
a
IJ
rS
PCS)
240
s
14
20
21
24
29
Thatnas Mr
S50
25
35
40
10
26
31
r582)
GOO
5%
12
2D
42
80
63
Vodatons
380
34
42
53
6
IS
20
P384I
390
15
2S
37
17
27
34
Option
4m !
to ■
Dae ,
Ara :
to i
Dec
ABUyNa.
360
25
33
40
11
18
23
P38BJ
390
It
IB
26
29
35
39
Amuaa
30
«%
6%
7%
5%,
6%
7%
P32)
35
2%
4
5%
5%
8%
7%
Bstiqa
390
38
43
S3
13
22
26
T406 I
420
IB
28
37
28
38
44
Hus Ords
220
12
20
24
17
22
29
1*222 )
240
8
13
17
33
30
41
BrifeSGU
300 17%
23
27
10
mi j
330
4
10
15
31
33
30
Otnra
200
23
28
35
10
18
22
1*210)
220
13
18
28
22
29
33
EffWte
480
37
55
7B
38
40
59
r«6i i
500
20
39
80
58
74
81
OpOan
CALLS PUTS
Jon Sup Pec Jm Sep Dec
anu> 550 60 B0 67 17 29 44
0563) 600 33 54 84 40 54 72
140 13 16 21 10 14 18
ri49» 160 4 10 13 23 26 30
LHino 80 10 13 18 5% 9% 10%
083) 90 5 9 12 11% 14% 17
HSBC 75p
*» 900 43 62 75 26 42 52
0810 ) 650 21 40 53 55 70 78
N* Postal 330 29 38 48 7% 13 16
CS50J 380 1J 23 32 21 26 30
RNtWS 1300 84 113 ISO 36 68 84
f133n 1350 57 92 122 64 94 113
A ftm* via it i6 20 a 12 is
0122 ) 130 7 12 15 13 18 21
sea Power 310 28 33 38 5 11% 14%
0329 ) 330 14 18 25 12 21 24
Sem 100 7 10 13 7% 9% «2
OIK) HO 2% 5% 8 15 17 18
Art
180
12
17
20
TZ
18
24
1*182)
200
5%
10
13
28
31
35
Tfiom Bn
850
37
52
65
26
51
99
P855 1
900
16
3D
43
57
84
90
TS8
160
19
23
26
5%
9%
13
P1T2J
180
8%
13
17
IS
20
23
V9U Brads
45
9%
10
12
3
.5
6%
PSS0I
50
5%
8%
s%
7
8
550 80 105 117 24 41 54
0997 ) 700 50 73 88 47 65 83
HUM FT-SE Moat 02881)
2925 2975 2725 2776 SR3S 297S 2929 2976
CALLS
Apr
May
Jua
to
Ok
191
204
215
265
305
143
IS9
173
98
119
136
185
240
54
84
103
19
54
78
130
180
5
34
53
i%
20
35
B5
130
1
9
23
PUTS
Apr
1%
2
4
11
29
67
MO
160
My
10
14
24
37
SO
87
123
163
J®
-
23
-
-
75
_
to
44
-
08
-
110
_
163
_
Dec
70
-
110
-
140
-
183
-
FT-SE M0EX (-2821)
2600 203O27OQ 7750 2900 2851 2900 2950
CALLS
H*
EZ1
171
121
73
34
9
2
1
to
228
183
140
101
68
43
24
13
Jun
238
193
156
119
08
82
42
27
253
213
174
138
108
00
44
tot 320
-
256
-
195
-
140
-
PUTS
Apr
1
1%
2
5
16
46
90
140
to
7
13
17
29
47
73
107
to
14
21
30
46
64
87
118
155
24
33
«
SO
78
1D3
Dect
6S
*
96
-
135
-
180
Gafts 20*8
FT-SE Max
Em FT-SE
IMertytag
mttt
PrenkAn 9
39*57
Pub 18888
Cafe 5.226 Putt 5335
Cam 3ji« Pub 1310
r i»
1 dosing oft* prtees
FT-ACTUARIES FIXED INTEREST INDICES
e
INDICE
S
Day's
chain
%
Tue
Apr
6
Accrued
tnterest
xd ad).
1993
to date
m
12JL24
149X4
199JS6
183X8
145-58
*008
*028'
*080
*038
*024
123.17
14907
158.71
18200
14022
202
102
103
307
107
202
306
3.10
1X8
6
7
8
Uex-Unkad
Up to 5 yean ( 2)...
Over 5 years {12}...
M stocks (14)
18408
173.10
175.17
051
OOI
077
lOI
103
105
175.12
175.19
*001
*001
9
Debs & Loans (B7)
12581
*048
12809
220
m
AVERAGE (310SS
REDEMPTION YIELDS
Britt Gonnamt
Ltm
UBbSyis.
0*Br 5 yrs-
lfcta5pB.
Owi 5 ym.
5
IS yean — I
25 jetn_J
Wad
Apr
7
mi
7.71
TAG
BJBB
8.15
&30
7.17
BAD
BAT
8J5
£24
£41
1.38
£23
9l25
9A5
Tub
Apr
6
&72
7.78
£01
£98
£21
£38
728
8A5
£32
£38
224
£41
1-38
£23
£61
£31
900
Year
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cttmaNCIAL T1MT- APR'L 8 1993
COMPANY NEWS: UK
Speyhawk £90m in red
after write-downs
By Vanessa Houktor,
Property Correspondent
SPEYHAWK. the technically
insolvent property developer
which has been in talks with
Its banks since August 1991.
yesterday announced a pre-tax
loss of ££9.tfm for the year to
September 30 1992.
The deficit, which fallowed a
£2 16. 8m loss in the previous
year, mainly resulted from fur-
ther write-downs of £67.3m
against investment and devel-
opment properties.
“There has been little
improvement in market condi-
tions. Property values have
continued to fall, particularly
in the City of London." said Mr
Trevor Osborne, chairman.
Mr Osborne said he expected
the refinancing of the group's
£360m of debt to be completed
in a couple of months. Spey-
hawk “has entered Into a
financial documentation phase
of its debt restructuring which
it is hoped will be concluded
soon," he stud.
Spey hawk's liabilities now
exceed its assets by about
£L60tn. The group's 46 banks,
led by Barclays and Citibank,
reached agreement in principle
on Christinas Eve for the
restructuring, which involves
the subordination of debt
Nearly half of the provisions
were related to Speyhawk's
City projects, notably Us
scheme at Cannon Bridge. Last
year, more than half the com-
pany's provisions of £204. 9m
resulted from Cannon Bridge
and Exchequer Court another
City bull ding.
Interest charges increased
from £16. 3m to £22.7m, partly
as a result of provisions for
interest charges on project
loans.
Speyhawk said the basis of
the business plan that under-
pinned the debt restructuring
proposals was “to achieve let-
tings and sales of completed
developments and investment
properties in a phased and
orderly manner."
Turnover fell from E76.4m to
£69.7m.
Losses per share were 352.lp
(829.7p). No dividend will be
laid or should be expected “for
the foreseeable future.”
The company’s shares closed
4p down at 8p.
Sherwood
Computer
ahead 23%
SHERWOOD Computer
yesterday announced pre-tax
profits op 23 per cent from
£2.45m to £3m for 1992, writes
Catherine Milton.
Turnover fell to £20.9m
(£31. 7m) mainly because of the
transformation in 1991 of a
former subsidiary into a joint
venture. Guardian, with ICL.
Sherwood gained £295,000
income from its stake in
Guardian.
An increased final dividend
of 5.25p brings the total for
the year to 7p (6p), payable
from earnings per share of
34. Ip i24.rp).
The ic-aults ..ore prepared
using FRS 3 guidelines.
Operating costs fell to
£ 19.4m (£20.1 nt). The company
made a £i.2m charge for the
BS5750 quality certificate -
mainly comprised of employ-
ees' time and external consol-
touts.
It also incurred a £500,000
charge through switching the
company pension scheme from
a final salary scheme to a
group money purchase
scheme. Mr Richard Guy.
chairman, said the new
scheme was more suitable for
the young, mobile staff
employed by the company.
Tough conditions in
Europe hit Brammer
By Roland Rudd
BRAMMER, the ball bearing
distributor and electrical ser-
vices group, blamed depressed
business conditions through-
out Europe for a 10 per cent
fall in pre-tax profits for the
year to December 31.
Profits declined from £9. 16m
to £8 .23m on increased sales of
£122.6m (£Ul.5ml.
Mr Robert Ffoulkes-Jones,
chief executive, said: “While
economic activity has got
slightly better in the UK the
recession is deepening in conti-
nental Europe.”
The group is predicting
another tough year. Mr
Ffoulkes-Joues warned
against expectations of a sig-
nificant UK recovery. “We
have seen false dawns before,"
he said.
Approximately 30 per cent of
revenue is generated in the
UK. The group is planning to
expand on the Continent
The BSL distribution divi-
sion reported a small toll in
profits before exceptional items
from £7.95m to £7.88m.
However, the rental business
suffered another big toll from
£1 .4m to £832.000.
Redundancy costs were
responsible for an exceptional
charge of £452,000 (£382,000).
Last year's acquisition of
Roulement Service accounted
for sales of £7.1m and an oper-
ating profit of £233,000.
Earnings per share fell to
13.4p (14.7p).
An unchanged final dividend
of 8.5p makes a maintained
total of i3p.
0 COMMENT
After its fourth consecutive
year of declining profits Bram-
mer bqs to convince the mar-
ket that it has a strategy for
growth. Hie omens do not look
good. The rental business has
been reporting a toll in profits
ever since it was acquired in
1985. A large part of that is due
to the loss in defence work.
BSL continues to perform well,
if not spectacularly. The deci-
sion to acquire the French
Roulement Service fits nicely
into the group’s strategy of
becoming a pan-European dis-
tributor of industrial products.
But given the worsening reces-
sion in continental Europe the
timing is open to question.
With forecast pre-tax profits of
£9m, giving earnings of I5p,
the shares are on on a prospec-
tive multiple of 17.5. It is diffi-
cult to see how the premium to
the market can be justified.
Sketchley
shares fall
on trading
warning
By Angus Foster
SKETCHLEY, the cleaning and
textile rental company, yester-
day said trading conditions for
Its dry cleaning division dete-
riorated during the second
half of Its financial year.
Previous market estimates
for profits to the end of March,
which had already been down-
graded, were still too high, the
company said. The shares fell
L4p to 96p on the warning.
Mr Ton; Bloom, who joined
as deputy chairman in 1991
after Sketchley came dose to
collapse after a period of rapid
expansion, said dry cleaning
sales had been poor but the
company was still operating at
a profit
“The high street has not
turned round in a significant
fashion,” he said.
Full year profits are expec-
ted to toH from £6m to about
£4-5m. The company is expec-
ted to maintain its final divi-
dend.
Sketchley also announced it
is paying £4. 3m pins £2m
goodwill for Supasnaps, the
film processing chain owned
by Dixons. In addition ,
Sketchley will repay inter-
group indebtedness estimated
at £1.7m. The chain operates
from about 350 outlets, all of
which are leased. It has about
8 per cent of the processing
market, compared to market
leader Boots with 23 per cent
Sketchley plans to install
new Supasnaps outlets in its
dry cleaning outlets as a way
to boost revenues. This would
also allow Supasnaps to
expand cheaply.
Snpasnaps is expected to
make operating profits of
about £700,000 in the year to
April 30 from £45m turnover.
The company has net assets of
about jclSeq. Mr Bloom said he
expected the acquisition to
contribute to Sketchley profits
from this year.
Sketchley was due to release
preliminary results for the
year to end-March in mid-May.
Because of the acquisition, the
company will probably release
a profits estimate with its cir-
cular to shareholders on the
Supasnaps deal, expected in
the next couple of weeks.
Hewden Stuart falls to £12m
By Andrew BoJger
HEWDEN STUART, the UK’s biggest
independent plant hire company, yester-
day sounded cautiously optimistic about
recent signs of recovery following a 20 per
cent toll in profits, but said it was too soon
to say whether these would be sustained.
Sir Matthew Goodwin, chairman, said
there ftpd been an increase in demand in
late February and March from a broad
spread of industry, though there was little
sign, as yet of price recovery, and directors
were more relaxed about the short-term
outlook than they were a few months ago.
The Glasgow-based group reported a
drop in pre-tax profits from £15. lm to £l2m
In the year to January 31. Sales were down
from £171m to £l65m.
Sir Matthew said: “These results must
be considered extremely satisfactory, hav-
ing been achieved in the depths of the
recession and covering, as they do, the
winter ynnuths which saw the failure of
two of Britain’s largest contractors. Budge
and LUley, and other bankruptcies.
The tower crane division incurred a loss
of £923,000, compared with a profit oi
£L85m-
Sir Matthew said that after stripping out
the tower crane figures, the remainder of
the group almost maintained proms at
£13m (£13 .2m) in an extremely difficult
period.
The hire divisions virtually held profits
at £i2J26m (£12- 53 m) in spite of a drop in
sales from £112m to £108m, excluding
cranes. _
Sir Matthew said the division met fierce
competition on price, and on many occa-
sions deliberately sacrificed turnover in
the face of pricing policies by others which
appeared solely dictated by the need to
cash in the short term.
“JCBs were being hired out, with a
driver, for £10 an hour - you couldn't get a
plumber with his bag to fixyour washing
machine for that sort price.”
Strong cashflow meant that the group
increased net cash from £7m to £13m, in
Sherwood Group pays
£19.6m for bra maker
By Daniel Green
SHERWOOD GROUP, the
Nottingham-based lace, linge-
rie and socks maker, is extend-
ing its acquisition programme
to continental Europe with the
L47.4bn (£19. 6m) purchase of
an Italian, bra manufacturer.
The deal win be funded by a
£10L7m placing and open offer
of shares for cash.
At the same time, the com-
pany revealed pre-tax profits
cm continuing operations for
1992 of Ei«.2m, an increase of
25 per cant on 1991's £14.6m.
The figures are on the FRS 3
basis.
Earnings per share were
11.7p (lip) and a final dividend
of l.Tp raises the total by 14
per cent to 2.6p. Turnover
improved 22 per cent to
£141m.
The acquisition is of 75 per
cent of Lepel, a family-run
business that stands third in
the Italian bra market
The payment will be in two
stages: the first L25bn (£i0.3m}
will be paid on completion of
the deal with the cash raised
from the placing and open
offer, and the remainder will
be paid a year later from cash
flow.
“Garments will then account
for more than 50 per cent of
sales, making a better balance
between lace and garments,"
said Mr David Parker, chair-
man.
The deal will lift.net debt
from £25m at the end of 1992 to
£30m at the end of the current
year, said Mr Peter Newbold.
finance director. He said, how-
ever. that gearing would
remain at about 45 per cent
0 COMMENT
At eight times the exit p/e
which enhances earnings from
year one, Lepel looks like a
bargain. But the Italian market
is tricky. Firstly, there is the
extent of the black economy
and how much personal con-
tacts are used to make deals.
Sherwood has done its best to
minimise the risk by leaving
the Leporati family with a 25
per cent stake tying them into
a five year contract Secondly,
there is a structural change
taking place in European
clothes retailing. The indepen-
dent sector, Le pel's strength, is
giving way to the chain store,
where larger companies excel.
Sherwood and Lepel may be
able to offset this by venturing
into export markets, but inves-
tors may want to wait until
they see the tie-up working. If
it does, profits should climb
above £23m this year and make
the shares, on a pie of 11.5,
look cheap. Shareholders
should take up their allocation
of the open offer.
Ingham makes cash call
and £4.5m acquisition
INGHAM, the worsted spinner,
yesterday said it was proceed-
ing with the acquisition of
Moss Europe and raising
£3_64m through a l-for-4 rights
Issue of up to 4.04m new shares
at lOOp.
Moss, which supplies parts
for British classic sports cars,
is being bought for £4. 5m, sat-
isfied by the issue of 3.4m
shares and payment of Eliftn
cash. It made £544,000 pre-tax
on £l3.6m turnover in 1992. Net
assets were £2-66m.
In addition, Ingham has
entered into certain arrange-
ments and contracts with the
vendors, Milard - the principal
shareholder - Howard Gold-
man and Glen Adams, which
include the sale of the enlarged
group's US business to Milard
in exchange for Milard convert-
ible loan stock.
Ingham is paying a second
interim dividend of 4.5p in
respect of the 15 months to
end-March and declared its
intention to pay total divi-
dends of not less than 4-Tp for
the year to March 31 1994.
DIVIDENDS ANNOUNCED
Current
payment
Data ot
payment
Cores -
ponding
dividend
Total
for
year
Total
last
year
BlockJeys
— fln
0.5
July 1
1.43
1
3.38
grammar
— fin
8.5
July 1
as
13
13
Dagenham Motors
_ fln
4
May 28
4
5.75
5.75
OowhtretOp
_ fln
0.68
July 1
0.43
1
0.72
Hewden Stuart — .
- fin
2.385
July 14
2-285
3.24
3.15
mggsAHBH
- fln
1.5
June 11
3
2.5
9
- fln
6
July 1
6
10
10
Ingham —
-int
4-5*
July 9
-
e
2.64
Martin Inb
—fin
2.7
July 1
2.7
4.4T
4.4
Mid-States
—fln
nil
-
2-25
0.75
3
Mowlam (John) — *
_ fin
2
July 9
4.85
4
10.5
Nurdfai & Peacock..
—fln
4.16
July 6
3.6
6.12
5.56
Savoy Hotel —
—fin
7
May 24
7
7
7
SaverfMd-Reeve §.
-fln
n a
-
n»
nfl
1
Sherwood Comput
_fln
5.25t
June 11
4.5
7
6
Sherwood Op fln
1.7
May 27
1.5*
2.6
2.28*
Stylo
- fln
3
Oct 1
2-5
3
2.5
Wanfle Storeys — — Int
5
July 1
4
-
16
-Wilson CormoSy —
-fin
2.66T
July t
2.66
3.93
3.S3
Dividends shown pence per sham net except where otherwise stated. fOn
increased capital. §USM stock. * Second interim.
#
spite of capital expenditure |££23iil
gaming*; oer share fell from 5.3ap to
W^TSaldividfind of 2.365p m)
makes a total for the year of Mp
(3.15p).
• COMMENT
These were excellent results from a com-
pany which continues to shine in an other-
wise grim sector. Having shrunk its tower
crane fleet from a boom-time peak of 180
to 60, the group is confident that they
should now operate at break-even this
year and might even make some money.
The group is bringing forward capital
expenditure and Its tax rate should benefit
fromcapital allowances. Forecast profits
of £l4m put the shares - up l/*P at 104 ‘ ip -
on a prospective multiple of about 20. That
Is high, but the group is operationally
highly geared and will not hesitate to use
its strong cash position to expand when
recovery comes through. Looking at cash-
flow and longer-term prospects for earn-
ings, it still looks a quality recovery play.
Warner-Lambert Company
has acquired
the European and North American businesses of
Wilkinson Sword
WILKINSON
I
m
SWORD
The undersigned acted as
financial adviser to the purchaser
Kleinwort Benson
Issued by Kleinwort Benson Limited, a member of SFA and 1SMA.
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OSB* 4M7BB Mto*i tun and Iclflpa Man** M
FannieMae
*700,000,000
6.625% Debentures
Dated April 12, 1993 Due Aprfl 10, 2003
interest payable on October 10, 1993 and semiannually thereafter.
Series SM-2003-C Cusip No. 313586 7TO
Callable on or after April 10f 1998
Price 99.953125%
The dabertures Of Aprfl I ft 2Xri are fBdaemitfjte on or after Aprfl 1 0, 1B98, The debentures are
redeemable in whole qc in pert at the option of the Corporation at any tins (and tram time to
time) on or after the Mia! redemption oats a a redemption price of 100% of the principal
amount redeemed, plus earned interest thereon to the data of redemption.
and do not consfibta a debt or r
fliiMMinf , iMimb Bum Cn— Jr> 11_m
Knsreor otjot man ramo Mas.
. . > tAifecf States
i w the Unfed States or of any agency or Instrumentality
Debentures wB be avaiable in BooManby form only.
There vfl be na definitive securities offered.
Linda K. Knight
Senior Vfea Presitimf
and Tramauw
3900 WUconlfci Aymm. MW- Wmhkxflon. D.C. 80016
*• ewMWer °* ^ WWHWMW it
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PUBLIC WORKS LOAN BOARD RATES
Effective April 6
Quota loans'
1
Over 1 up to 2
Over 2 up to 3
Over 3 i$> to 4
Over 4 up to 5 ....
Over 5 up to 6 ....
Over 8 up to 7
m
Over 7 up to 8
Over 8 up to 9 '
Over 9 up to 10 ^T”!
Over 10 up to 15 1'
Over 15 up to 25
Over 25
6
5%
6
6%
6M
ev>
694
Bti
ea
7%
ew
698
7%
0%
6%
73*
7
7V*
a
7%
714
a»
7<A
TVi
ai*
m
7%
898
8M
8%
914
9 Mi
9%
9%
93*
m
9M
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m
Lawson Mardqw Group
NOTICE is hereby given that the annual general meettue of shareholders
Gr°“P Umlled "M he held at the King Edward
°nt*rio’ Caa*da- oo May 20, 1993
^ dal* for the ctosiog or the shareholder regfct«-
w respect of the said meeting fr April IS, L993.
BY ORDER OF THE BOARD OF DIRECTORS
Sergio Marrlilnnn.
Group Vice PresMmt and
Chief Financial Officer,
and Secretary
*
COMPANY NEWS: UK
acquisition
$ AKNCw\CEC
Vlae
£■' 5*~ ~
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Mowlem losses grow to £27m
Du -Ima B.JI W
By Jane Puller
JOHN Mowlem. the contractor
is strengthening its balance
HSS tool hire business, which
it announced yesterday along-
side deepening pre-tax losses.
deficit grew from
£43m to £27.2m last year after
£4.8m losses at London City
Airport and a further £20.2m of
reorganisation costs and write-
offs. The Anal dividend is cut
from 4A5p to 2p, leaving a total
of 4p U0.5p). Losses per share
were 20.7p (9.4p).
Sir Philip Beck, chairman
said the HSS disposal, to Davis
Service Group, cut year-end
net debt from £69.lm to about
£t7m and gearing to 9 per cent
Since then there had been a
seasonal increase in borrow-
ings of about £24m.
The sale price was about 57
per cent of the group's market
value at yesterday's opening
price of 85p. It gained 3p to
Acquisition
helps Dewhirst
reach £6.46m
By Daniel Green
DEWHIRST Group, one of
Marks and Spencer's main
clothing suppliers, reported
improved margins in the year
to January 15 1993 which
pushed pre-tax profits up from
£4. 13m to £&46m.
Turnover was np from
£130 .5m to £181.6m but was
swollen by the inclusion for
the first full year of a women’s
wear acquisition.
Mr Tim Dewhirst, chairman,
said Harks and Spencer last
year took more than 80 per
cent of output. He added that
the company “had a long way
to go on margins."
Earnings rose to 3.52p
(2-71p). The final dividend is
0.68p for a total of lp (0.72p).
Sir Philip Beck: HSS disposal
cut net debt to about £17m
close at 88p.
Turnover fell to £1.25bn
(£1.37bn) and operating profit
to £3.6m (£ 19.3m). This partly
reflected the tightening
squeeze on contracting, but
also a sharp fall in profits from
scaffolding hire. Housebuilding
slipped into tosses and the air-
port registered a deficit after
using up provisions.
In contracting, the group had
no large loss-makers. It concen-
trated on smaller regional con-
tracts. The division's £904m
(£i.G5bn) turnover was expec-
ted to hold steady this year.
Profit after interest income
declined to £l7.9m <£2&5m).
The SGB scaffolding busi-
ness saw profits fall to £5m
(£1 1 .4m). This division bore the
brunt of the £9 3m reorganisa-
tion charges.
Housebuilding lost £I.4m and
the land bank was further writ-
ten down at an exceptional
cost of £5 3m. About was
brought in from property
development sales.
• COMMENT
Mowlcm’s sale of HSS met a
mixed reception. On the one
hand, it gives balance sheet
strength that would be the
envy of Cos tain or Taylor
Woodrow and underpins the
ability to maintain the divi-
dend. On the other hand, it has
got rid of its highest margin
business and one that should
come out of recession earliest.
Sir Phiiip’s talk of selling a
cash absorbing business
smacks of battening down the
hatches on the core contract-
ing arm, which points to the
long haul back to decent mar-
gins in that industry. Mowlem
does, however, deserve credit
for avoiding black-hole con-
tracts and looks one of the bet-
ter bets in that sector - long
term, of course. Meanwhile
scaffolding’s recovery is the
main hope. The risks involved
at London airport are reflected
in the failure so far to find a
partner. A small loss is expec-
ted this year before a goodwill
hit resulting from the HSS
sale. Patient investors will
hold the stock for the 5.7 per
cent yield.
Davis Service pays £52m for
Mowlem tool hire business
By Jane Fuller
DAVIS SERVICE Group is
buying the HSS tool hire busi-
ness from John Mowlem for
£52m to expand its core busi-
ness after departing from car
hire.
Davis is raising £34 .7m in a
vendor placing and raising the
other £17.3m as debt. The
169m new shares will expand
Davis’s equity by 20 per cent
and existing shareholders can
apply on a l-for-5 basis.
The Issue is priced at 2G5p,
compared with yesterdays
opening price of 228p. It gained
2p to close at 230p.
The HSS group made £4. 76m
operating profit last year on
turnover of £59.9m. About
£38 m of net assets are
being acquired.
Mr John Ivey, Davis’s chief
executive, said the 170 HSS
shops, serving the small
builder and DIY market, had
provided sufficient profit to off-
set a small loss In the other
part of the acquisition, PB
Plant Hire, aimed at construc-
tion companies and utilities.
In 1990 the business had
made £7.14m profit and it was
PB that had declined since
then.
The acquisition would fit
into the site services division,
which mainly supplies mobile
buildings and last year contrib-
uted £3.42m to operating prof-
its of £19.4m from continuing
activities.
Davis is also involved in pro-
viding laundry services, work-
Savoy Hotel shows £1.4m loss
By Michael Sfcapinker, Leisure
Industries Correspondent
SAVOY HOTEL incurred a
pre-tax loss of £1.43m in 1992,
compared with a profit of
£2 37m last time.
Turnover of the group,
whose hotels include the
Savoy, Claridge’s, the Berkeley
and the Connaught, fell from
£793m to £763m.
With low interest rates and
inflation, and an exchange rate
which is attractive to US visi-
tors, “there is a reasonable
chance that 1993 w31 be a bet-
ter year than 1992," said Mr
Giles Shepard, managing direc-
tor.
The dividend is held at 7p
per A share and 35p per B
share, because of the more
optimistic economic outlook
and the cover of previous
years.
Losses were 15p pm* A share
(earnings 175p) and 0.6p per B
share (earnings 89p).
Mr Shepard said £9.6m had
been spent on capital projects
last year, with improvements
at the Savoy and Claridge’s.
Pelican seeks £7.4m to fund purchase
By Catherine Mfton
THE PELICAN Group is
paying Mr Robert Earl, who
made his fortune creating the
Hard Rock Cafe chain. £6m for
four UK restaurants. The pur-
chase will be funded by a
£7.4m placing and open offer.
The Mamma Amalfi restau-
rants and Rock Island Diner
had warranted pre-tax profits
of £800,000 in the year ended
March 31 against £767,000 a
year earlier.
Pelican will pay the vendor.
Worldwide Leisure Holdings,
controlled by a trust which
benefits Mr Earl's family, £3m
in Pelican shares and £3m in
cash.
The open offer to sharehold-
ers is on a 7-for-lO basis at 50p
per share. After £400,000 of
expenses. Pelican will retain
£4m cash from the fund rais-
ing. The shares dosed yester-
day up 8p at 58p.
At the same time Mr Richard
Myers, Pelican chairman, is
placing 800,000 shares, at 50p
apiece, to repay a personal
bank loan.
Pelican will also receive
£75,000 a year for three years
from licence agreements.
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Floating Rate Notes of 1993/2003 n
Issue PriaL
Interest Rate:
Repayment
Listing:
9 » pj, payable in arrears on April 8, ISM, thereafter 13 H % |UL
lem Sii-Montha-DM-UBOR, payable senri-anmially in arrears on April 8
and Oetebor 8 of earti year. The deduction shall not exceed 13 'A ft p*.
April 8, 2003. at par
Hamburg and Dflsaoldorf
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Morgan Stank* GmbH BalfffeisenbaiiKlemwehertal Salomon Brothers AG
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Sumitomo R»"k (Deutschland) GmbH
WGZ-BANK
wear and linen hire, and
cleaning. Mr Ivey said 75 per
cent of the business was rental
based.
Last year the group substan-
tially reduced its debt after
selling the Godfrey Davis car
hire business. In December it
had net borrowings of £10. lm.
giving gearing of 11 per cent
After the acquisition and
share issue pro forma net debt
rose to about £28m for gearing
of 25 per cent.
Mr Ivey said the group had
also arranged a new £30m
revolving loan facility, repay-
able between 1996 and 1998, "to
give us headroom" for further
modest expansion.
The placing is organised by
Baring Brothers and Kleinwort
Benson.
Lelliott in
talks with
bankers on
future
JOHN LELLIOTT, one of
Britain's biggest privately-
owned construction compa-
nies, was yesterday locked in
talks with its bankers. A state-
ment on its future is expected
today, writes Andrew Taylor.
The company ran into trou-
ble following the failure of the
£110m Point West develop-
ment of flats, offices, a health
club and shops in the shell of
the former British Airways
terminal in Cromwell Road,
west London.
Lelliott, which was working
on the project, is thought to
have lost approaching £10m as
a result of the development
being put Into receivership at
the end of 1991.
Land & Property Trust the
property company developing
Point West went into liquida-
tion shortly afterwards.
Lelliott has still not pub-
lished its results for the 12
months to end-Jnne 1992. In
the previous year it made pre-
tax profits of just £700,000 on
turnover of £193m. In 1989-90
it made profits of £5.8m on
sales of £240m.
It was ranked as Britain’s
38th largest construction com-
pany by turnover - and
Europe’s 144th largest - in a
survey conducted last year by
Building Magazine.
Stone Group, the stone res-
toration subsidiary of Lelliott,
was placed into administrative
receivership in February. It
was subsequently acquired by
the Peter Cox Group.
Lelliott also recently
reached an out-of-court settle-
ment with Forte, tbe hotel
group, following a dispute
over the £I09m refurbishment
of the Waldorf Hotel, London.
Mr John Lelliott, chairman,
is a director of Wimbledon
football club.
Higgs & Hill cuts final as
loss is reduced to £11.6m
By Andrew Taylor,
Construction Correspondent
HIGGS & Hill, the UK
construction and property
group, yesterday halved its
final dividend after incurring a
pre-tax loss for the second year
running.
The loss for 1992 of £11.6m,
however, was an improvement
on the previous year’s £16.7m.
Mr John Theakston, chief
executive, said there would
have been a profit of £340.000
but for provisions of £l2m
against commercial and resi-
dential property operations.
This followed a £20-9m provi-
sion in 1991 when trading prof-
its were £&22m.
Turnover fell from £345 -2m
to £293 .2m.
7116 final dividend is cut to
1.5p, making a total of 2.5p
(9p). It is proposed to transfer
£22 .5m from reserves following
a £23.7m transfer in 1991.
Mr Theakston said the year
finished with net cash of £4.im
compared with net borrowings
of £i6.8m at the end of
1991.
The construction division,
which saw sales slip 19 per
cent from £309.4m to £250.8m,
incurred a £2.22m trading loss
(£2.61m profit).
Housing trading profits
increased from £295.000 to
EL52m helped by higher sales
- 262 units were sold against
235 - and better margins fol-
lowing previous write-downs.
Despite the sale of a substan-
tial office development west of
Paris, commercial property
made a trading profit of just
£35,000 compared with £l-31m.
Mr George Duncan, chair-
man, said: "We are hopeful
that 1993 will mark the turning
point in the group's fortunes.
There are now indications that
tbe bousing market may be
improving."
• COMMENT
It is quite clear what value Mr
Tony Pidgley, Berkeley
Group's managing director,
saw when he recently bought
and sold 300,000 shares in
Higgs & Hill, making a nifty
profit in the process. The
strength of the company is its
balance sheet; to have net cash
at this stage of the cycle is
admirable. The trading out-
look, however, remains diffi-
cult. Contracting margins are
likely to remain under pres-
sure even though it is working
hard to win better quality busi-
ness. Tbe bousing operation
will get some benefit from
recovery but is relatively
small. The company should
break even or make a small
profit this year. The share
price of 58p understates the
written down value of 156p.
Buy for net asset value rather
than for short-term earnings
improvement.
Wilson (Connolly) falls 38%
By Andrew Taylor
THE SHARE price of Wilson
(Connolly) rose 3p to 163p yes-
terday, despite the announce-
ment of a 38 per cent fell in
pre-tax profit by the UK house-
builder and property developer
and contractor.
The decline in profits from
£27.1m to £l&8m for 1992 was
struck after increased provi-
sions of £5.49m (£2. 02m). A
final dividend of 2.66p main-
tains the total at 353p. Earn-
ings fell from 102p to 6. Ip.
Mr lan Black, managing
director, said the dividend was
1.5 times covered by post-tax
profits. "This was no mean feat
in the longest and deepest
recession in living memory."
Trading profits, before write-
downs. fell 23 per cent to
£22.3m (£29. lm) despite a
record 2£80 homes being sold.
Housing profits tumbled 29
per cent to £18.3m (£25.7m).
Profit margins fell to 12 per
cent reflecting price reductions
of about 8 per cent.
The company, like other
housebuilders, bad seen sales
increase during the past few
months. At the year-end the
company had 13,300 building
plots at an average price of
just £12,600 each.
Gearing of only 1 per cent
meant the company was well
placed to take advantage of an
upturn in the market. Con-
struction fell from £3.03m to
£ 1.09m, on static sales of £36m.
Commercial property surged
from £380.000 to £2.9m.
• COMMENT
Wilson (Connolly), Wilson
Bowden and Bryant have pro-
duced the best results in the
current housebuilding report-
ing season. They share long
land banks supported by
strong balance sheets and
appear to have chosen the
right time to expand output,
with net reservations of house-
builders rising by between a
fifth and a quarter during the
first three months of this year
compared with 1992. These vir-
tues, however, have already
been recognised in the compa-
nies' share performance and it
is difficult to justify a buy
recommendation on a prospec-
tive p/e, in Wilson Connolly's
case, of 18 to 19 on prospective
profits this year of £22m-£24m.
Government backs global
market in BT share sale
Stylo losses down to £746,000
By Roland Rudd
THE GOVERNMENT has
abolished regional syndicates
in its forthcoming sale of BT
shares in favour of one global
market, with managers com-
peting to sign up tbe biggest
Institutional shareholders.
SG Warburg, glohal coordin-
ator, yesterday confirmed that
for the first time in any UK
privatisation, 11 global manag-
ers will compete with each
other to get the top 500 institu-
tions around the world to put
In bids for BT shares.
The government is expected
to sell most, if not all, of its 22
per cent BT stake - worth
more than £5bn. The sale may
take place as early as July.
In the last BT sale, the insti-
tutional offer was split
between 10 syndicates through-
out the world fn which the lead
managers bad exclusive rights,
apart from the global coordin-
ator, to market the shares.
This time round Warburg
will be responsible for running
the book building exercise in
every region of the world.
The ten other global manag-
ers are Barclays de Zoete
Wedd, Cazenove, Daiwa Securi-
ties, Deutsche Bank, Merrill
Lynch. Morgan Stanley. Nat-
West Securities. Paribas Capi-
tal Markets, NM Rothschild
and UBS Limited.
Mr Maurice Thompson, a
director of Warburg Securities,
said: “We hope this will
unleash competition within
protected markets." The global
managers “will keep their ears
and eyes open" for any institu-
tions which try to push tbe BT
share price down by deliber-
ately selling short before the
sale. Warburgs reserved the
right to “penalise such action”.
See Lex
STYLO, the footwear group,
yesterday announced a sharp
reduction in pre-tax losses
from £9.06m to £746.000 for the
year to January 30.
The improvement was
achieved following the closure
of the heavily loss-making US
operations.
Pre-tax profits from continu-
ing businesses were £674,000
against a deficit of £7.4m.
Sales rose 15 per cent to
£103 .5m, while the operating
loss of £4 .2m in 1992 was trans-
formed to a profit of £3.5 m.
Mr Arnold Ziff, chairman,
said the profits improvement
had been achieved in spite of
even more difficult conditions
for the shoe trade. The outlook
for tbe UK retail division was
encouraging, with turnover
continuing to increase.
Prospects for the wholesale
sports division, selling golf and
equestrian footwear and cloth-
ing, were also better, he said.
Losses per share was sub-
stantially reduced from 42p to
4.01 p. The dividend on limited
voting and management shares
is lifted to 3p (2.5p).
Campaign to save Clark launched
By Peggy HolBnger
THE CAMPAIGN against the
sale of C&J Clark, the family-
owned shoe manufacturer and
retailer, was officially
launched yesterday with a let-
ter to 300 shareholders urging
them to resist the board’s pro-
posals.
Shareholders Opposed to
Enforced Sale (Shoe), run by
five members of the Clark fam-
ily, wrote to holders of more
than 10,000 shares not to sell
shares at a price reflecting
“the problems of the past
rather than the future poten-
tial.”
The letter points to Clark's
recently announced fall in debt
and a net asset value of 278p
per share. “This does not
include the value of the
brand,” the letter states.
Berisford, which is expected
to make its formal offer soon,
is believed to be offering about
205p.
The letter said: “Even those
who might favour a sale
should recognise this is a par-
ticularly inopportune time to
sell . . . and this is likely to
be reflected in the terms
offered."
NORWICH
UNION
‘achieves remarkable
turnaround’
Allan Bridgewater
Group Chief Exeenlitv
Boost to financial strength
Investment reserve grows to £3.3 billion
Life solvency margin £2.7 billion, almost
£2 billion above the DTI minimum General
Business solvency margin increases to 46 per cent
Value for money to stakeholders maintained
12.8 per cent yield to typical customer paying
£30 per month into a 25-year endowment plan
maturing now
£241 million to be paid to policyholders with
endowments maturing in 1993
General Insurance ere back in profit
£13 million post-tax profit
on General Insurance
(1991-£l65 million post-tax loss)
MANAGEMENT*
^ CURRENCY MANAGEMENT CORPORATION PLC
WHCHESTEfl HOUSE. 77 IOMDONWAU. LONDON EC2USM)
TCL=«W*«W OIXMUMW TELEX' BBtZSSI CMC
XOSklEsS* FORSOI EXCHANGE 24 HOUR IOMX3N DESK
'WPWW- DlfCCT ACCESS TO EXPERIENCED DEALERS
Vr ^ > DOUXR AND CROSS RATE CURHENCCS
«»o..4'a CALL NON FOR FURTHER INflDtWnONSBROCHWE
Market Myths and Duff Forecasts for 1993
'Corporate prc!;!s will soar, bzr-.is have had ihe!r day. Iho us dci'ar lj h
a bail rr.arVel.' Ycu dte NOT road that In FuUeiMoney
* Kio Iconoclastic Invcilrrrent letter.
. Cc’Ucno Farqufcanon (era lama'o-lijuo (cnceor.'y)
W London?} flOlInlK) ctFoi: 7 1-229 4954
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FINANCIAL TIMES
C A Z I N E 3
r
26
China Textile Machinery Stock Ltd.
(Incorporated in the People's Republic of China)
Announcement of Final Results
The Directors of China Textile Machinery Stock Ltd ("the Company") are
pleased to announce its results for the seven month period ended 31st
December. 1992 after the successful listing of the Company's shares on
The Shanghai Securities Exchange. The audited profit attributable to
shareholders for the seven month period ended 31 st December, 1 992 and
for the year ended 31 st December. 1 992, presented on the basis as shown
in note 1 to Summary of Results below, amounted to RMB 52.40 million
and RMB 40.67 million, respectively reflecting a substantial increase as
compared to the previous year.
SUMMARY OF RESULTS
The audited results of the Company for the seven month period ended 31 st
December, 1 992 are as follows:
Sales
Cost of sales, sales tax and expenses,
net of other income
Profit before taxation (Note 2)
Taxation (Note 3)
Net profit attributable to shareholders
Earnings per share (Note 4)
Notes;-
(1) The Company was incorporated as a Sino-foreign joint stock limited company in the
People's Republic of China (“PRC’J on 22nd June. 1992. The predecessor of the
Company was a State-owned enterprise which was reorganised into a joint stock
limited company (“the Company! °n 22nd June. 1992. Pursuant to statutory rules in
the PRC. the assets and liabilities and the business ol the predecessor enterprise are
deemed to have been transferred to the Company on 1st June, 1 992, being the first
day of the month in which the Company was incorporated. Accordingly, the assets and
liabilities of the predecessor enterprise were tranalerred to the Company at net book
values of 1st June, 1992. The results of the Company as presented above have been
prepared in conformity with International Accounting Standards (IAS).
The following pro forma combined results for the year ended 3 1st December. 1992
have been prepared by combining the results of operations of the State-owned
enterprise which, previous to its corporatisation carried on the business now carried
on by the Company for the period from 1st January, 1 992 to 3 1 st May, 1 992 and ol Ihe
Company tor the period from 1st June. 1992 to 31st December. 1992. The 1991
comparative figures represent the operating results of the State-owned enterprise for
the year ended 31st December, 1991.
Pro forma combined results
Year ended 31 st December.
1992
1991
RMB'000
RMB’000
Sales
307,446
230.968
Cost of sales, sales lax and
(257,364)
(218,161)
expenses, net of other income
Profit before taxation
50,082
12,807
Taxation
( 9,413)
( 2.164)
Net profit attributable to shareholders
40.669
10.643
Earnings per share (Note 4)
RMB0.26
N/A
(2) Included in the profit before taxation to the seven month period ended 31 st December,
1 992 are exchange gains amounting to RMB 41 ,577,000.
(3) With ihe issue at Remmbl -denominated special shares to foreign investors, more than
25 per cent of the registered capital Of the Company became owned by foreign
investors. The Company thereby became entitled to privileges conferred on Sino-
foreign equity joint ventures in the PRC. On such basis, the Company obtains a special
ruling of the Shanghai Tax Bureau and the Shanghai Ministry of Finance that the
Company's income Is to be subject to Income tax at 15%.
Defened taxation was provided under the liability method at 15% on the liming
ditlerences between taxable profits and profit reported in the financial state
meets of the Company prepared In conformity with IAS.
1992
RMB'000
Income tax:
Current
6,922
Deferred
2,434
9,356'
(4) (a) The calculation of earnings per share of the Company for the seven month period
ended 31st December, 1 992 is based on the net profit attributable to shareholders of
RMB 52.403,000 for the seven month period ended 3ist December, 1992 and the
weighted average number of 1 88,043,352 "A" and “8* shares of Ihe Company in issue
during the seven month period, assuming that the Issue of the 1 10.095,300 "A" shares
to the government occurred at laf June, 1992.
(4)(b) The calculation of combined earnings per share lor the year ended 31st December.
1992 as described in Note (1) above Is based on the net combined profit attributable
fo shareholders of RMB 40.669,000 and the pro forma weighted average number of
155,585,163 "A' and ’B" shares in issue during the year, assuming that the issue of
f 10,095, 300 ‘A' shares to the government occurred at Isr January, 1992. Noeamirtgs
per share of 1 991 is presented as the predecessor enterprise was a State-owned
enterprise with no issued share capital throughout the year ended 31st December.
1991.
The People's Republic of China, By order of the Board
7th April, 1993 Huang Guanoong
Chairman
RMB'000
206,631
(144,872)
61,759
( 9,356)
52,403
RMB0.28
OTTOMAN BANK
NOTICE IS HEREBY GIVEN, in accordance with
Article 29 of the Statutes, that the ANNUAL
GENERAL MEETING of Shareholders will be held on
WEDNESDAY, the 28th APRIL 1993, in the
BEAUFORT ROOM, THE SAVOY HOTEL, STRAND,
LONDON WC2R OEU at 11.30 am to receive a
Report from the Committee with the Accounts for the
year ended 31st December 1992, to propose a
Dividend, to elect definitively a Member of Committee
in accordance with Article 16 of the Statutes and to
elect Members of the Committee.
By Article 27 of the Statutes the General Meeting is
composed of holders, whether in person or by proxy
or both together, of at least thirty shares, who, to take
part in the Meeting, must deposit their shares anchor
their proxies at least ten days before the date fixed for
the Meeting:
In Istanbul, at the Head Office of the Company or
at any of the branches
In London, at King William House, 2A Eastcheap
London EC3M 1AA
In France, where shares must now be deposited
with SICOVAM, Shareholders must advise the
blocking of their shares at least 10 days before the
date fixed for the meeting through their Deposit
Agent either to Banque Paribas, 3 rue d'Antin,
75002 Paris or to Ottoman Bank, 7 rue Meyerbeer'
75009 Paris, where proxy forms will be available.
The Report of the Committee and the Accounts which
will be presented to the General Meeting are available
to the Shareholders at the Head Office in Istanbul and
at the offices in London and Paris.
T R STEPHENS
8 April 1993 Secretary to the Committee
MONEY
MANAGEMENT
On Sale Now
£3.95
EGYPT
With the country's economic
reforms continuing apace,
on the 22nd April. 1993 the
Financial Times will be pub-
lishing a major new survey
on Egypt.
If you would like to adver-
tise within this survey
contact:
Paul Muraviglia
Tel: 071-873 3447
Fax: 071-873 3595
FT SURVEYS
l-i\a\CIAL T!MF '»<nAY A,,R“- * ,W
COMPANY NEWS; UK
Recession and Sunday trading hit 1992 sales
Nurdin moving into US
style shopping clubs
By Peggy HolUnger
NURDIN & PEACOCK, the
cash and carry wholesaler, yes-
terday ended months of specu-
lation as it announced plans to
introduce US-style shopping
clubs in the UK.
The company, which also
announced a 9 per cent
increase in annual pre-tax prof-
its to £30. 2m (£27.6m). plans to
open its first club warehouse
next spring, at a total cost of
about £l0m-£l2m. A second site
is planned for later in the year.
Club warehouses are a popu-
lar retailing strategy in the US.
where customers pay a fee to
become members and are enti-
tled to discount shopping on
items such as food, clothes and
electrical goods. Since 1986
total club sales are estimated
to have grown from S73bn to
534.71m f£24.4bn) last year,
with more than 2im people
holding membership cards.
Nurdin plans a similar for-
mat to that in the US. Mr
David Poole, managing direc-
tor, said the group aimed to
open two clubs a year, it could
link up with a joint venture
partner to accelerate that pro-
gramme but no party had yet
been approached.
Mr Poole said it was unlikely
that Nurdin would link up
with Makro. the cash and carry
business of Dutch company
SHV. which holds 14 per cent
or the UK company. "Any link-
age with SHV would severely
damage our reputation with
our retailing customers in the
UK." he said. However, some
sort of sourcing agreement for
the clubs was not ruled out.
The new strategy comes as
the group reported a 4 per cent
decline in like-for-like sales for
tbe 53 weeks to January 1 1993.
Overall, however, there was a
5.5 per cent increase In turn-
over to £l.44bu. This included
contributions from three new
branches, for a total of 46. Tbe
period compares with 52 weeks
to December 31 1992; the three
extra trading days added 1 per
cent to sales.
Mr Nigel Poole, finance
director, said the decline in
comparable sales stemmed
from the impact of recession
and Sunday trading on inde-
pendent retailers - which
account for more than 50 per
cent of the group's turnover.
However, an improvement in
operating margins from 1.7 per
Nurdin & Peacock
Share pnee (pence)
230 •
Blockleys tumbles to £352,000
BLOCKLEYS. the Shropshire-based brick and
pavior manufacturer, suffered a further down-
turn in 1992 as recession continued to take its
toll on the construction industry.
On turnover down by Elm to £9. 3m. pre-tax
profits were £352,000, against £1.06m.
Mr Brian Taylor, chairman and managing
director, said the UK brick industry saw both
production and sales fall by some 6 per cent,
while stocks of bricks rose to a new peak of
1.54bu at the year end.
There is still no real indication of any recov-
ery in the construction industry, he said, and
the forecast for sales of bricks in 1993 was only
2.5 per cent above the 1992 level.
staff numbers have been cut by 45, leading to
an exceptional charge of £85,000.
A final dividend of 0.5p (1.43pj makes a total
of lp (3J8p). The dividend is uncovered by earn-
ings per share of 0.73p i2.48p>.
Dagenham
Motors
30% lower
DAGENHAM Motors Group,
the London and south-east
main Ford dealer, finished 1992
with a pre-tax profit of £1.48m.
a reduction of 30 per cent on
the previous £2.1lm.
fn November, the group
warned that second half profits
were likely to fall short of mar-
ket expectations; in the event
they came to £357,000.
The final dividend is held at
4p for an unchanged total of
5.75p, from earnings per share
of 5.6p <8.1p).
Mr David Philip, chairman,
said it was again a difficult
year, particularly the last quar-
ter when most manufacturers
were discounting heavily.
However, improvements in
working practices, acquisition
of new outlets and weakening
of competition enabled the
group to lift turnover 23 per
cent to £155.9m.
New car sales increased 30
per cent to 7,723 units and used
car sales by 22 per cent to
6,290.
Mr Philip said profits in the
first quarter of the current
year were ahead with all nine
dealerships profitable. Trading
at Brownings Electric and Dag-
enham Motors Security had
been satisfactory.
Black & Edgington
Black & Edgington. the
USM-quoted group which pro-
vides portable buildings, tents
and other structures for sport-
ing occasions and exhibitions,
reported a pre-tax profit of
£704,000 for the six months to
January 31 against a loss of
£l.96m.
The profit is after accounting
for the operating profit of
Tubular Barriers to the date of
disposal, the gain realised on
that disposal and interest
costs, which included a full six
month charge in respect of the
fixed interest loan notes
whereas only one month was
charged in the same period last
year.
Turnover on continuing
activities totalled £3. 42m
(£1.74m>. Earnings per share
emerged at 0.l4p (0.4p losses)
basic and O.lp (0.29p losses)
fully diluted.
Martin Inti
Martin International Holdings,
the clothing group and sup-
plier to Marks and Spencer for-
merly known as Albert Martin,
saw profits edge ahead from
£2. 38m to £2.46 tn pre-tax over
1992 despite recession affecting
its main markets.
Turnover improved to £83.4m
f£80m), but profits at the oper-
ating level dipped to £3.93m
(£4.08ra).
Mr Michael Kidd, chairman,
said that following rationalisa-
tion the UK showed some
improvement in the second
half, but that margins were
lower in overseas activities.
"U is difficult at this time to
see any immediate recovery
from the trading conditions
which applied in 1992," he said.
Net borrowings at the year-
end amounted to £8.7m, repre-
senting gearing of about 40 per
cent (42 per cent).
Tbe cost of withdrawal from
certain activities amounted to
£1.18m. taken as an extraordi-
nary charge, and included
£900,000 relating to the closure
NEWS DIGEST
of the Queensbridge factory.
A proposed final of 2.7p holds
the total at 4.4p, covered 1.9
times by earnings of 8.4p (9.5p)
per share.
Severfleld-Reeve
Severfield-Reeve, the USM-
quoted steel group, plans to
raise about £1.55m through a
l-for-2 rights issue at 32p.
The issue, of 5.22m new ordi-
nary, has been fully underwrit-
ten by Beeson Gregory. The
proceeds will be used to reduce
borrowings and expand the
capital base.
The cash call accompanied a
£987.000 pre-tax loss for 1992 on
turnover of £L5.6m. Last time
there were profits of £530,000
on turnover of £l6.9m.
Losses per share amounted
to 6.08p (4.l8p earnings) and
there is no dividend for the
year (lp). Directors expect to
resume payments at a modest
level in the current year.
OIS Inti
OIS International Inspection,
the non-destructive testing spe-
cialist which came to the mar-
ket via a placing in December,
produced pre-tax profits of
£l.74m for 1992, an increase of
10 per cent over prospectus
estimates.
Turnover was £46.6m. Earn-
ings per share amounted to
5.9p against a forecast 5.5p but
as indicated there Is no final
dividend.
Lucas Inds
Lucas Industries received a
total consideration of £40m at
current exchange rates for the
recent sale of its Fluid Power
Systems business to Sophus
Berendsen.
1981 92 93
Source; FT Graphs
cent to 1.9 per cent helped
boost profits at the trading
level by 14 per cent to £27.3m.
Mr Poole said he expected mar-
gins to improve further in the
current vear.
The final dividend is 4.16p
for a total of 6.12p (5.56pi.
Earnings per share, helped by
a lower tax charge, rose from
25p to 17p.
See Lex
Hunting
to £29m
calls for
By Richard Gourtay
HUNTING, the aviation,
defence and oil services com-
pany. yesterday launched a
£36. Sm rights issue to reduce
debt and provide working capi-
tal for its newly won contract
to manage the governments
Atomic Weapons Establish-
ment. , .
Shareholders are being
offered two new' shares for
nine held at I85p. a l <-2 per
cent discount to the theoretical
ex-rights price prevailing on
Tuesday night.
Hunting's share price closed
down 8p yesterday at 230p.
The Hunting family, which
currentlv controls just under
40 per cent of the shares, will
not be taking up its rights -
which are being placed at l9p
nil-paid.
In addition, the family also
yesterday sold 1.55m shares to
reduce debts of the family con-
trolled investment company.
As a result the family's inter-
est will foil to just below 30 per
cent of the enlarged capital,
ending effective Hunting con-
trol and increasing the previ-
ously restricted liquidity in the
shares.
Hunting announced the
rights issue on the back of pre-
tax profits for 1992 ahead from
£ 15.4m to E292m on an FRS3
basis. Sales rose 8 per cent to
£809. SttL
Operating profits were
£34 .6m i£32.5m) after a Sl.lm
loss on the businesses sold to
Williams Holdings in February.
Hunting wilL however, book a
£6m exceptional profit this
year on this sale.
Gearing at the year end was
jumps
and
£37m
78 per cent However, without
the rights issue. Alderraaston
would have pushed gearing
above 100 per cent. Gearing
will still be about 50 per cent
after the rights issue.
At the operational level, avi-
ation profits dipped to £10.5m
<£ll.lm>. partly because of
problems with avionics.
Defence fell to £9 .3m t£10.5mj
but Hunting believes that even 4
without the AWE contract, this
division's decline has been
arrested. Profits in the oil divi-
sion increased to £ 15.9m
i£l 1.3ml as Canada continued
to perform well.
Earnings came through at
17.5P (6.8p) per share diluted,
and a final dividend of 6p is
proposed for an unchanged 10p
total.
• COMMENT
With yesterday’s rights Issue,
Hunting has strengthened its
weakest flank - the balance
sheet - and done it to support
growth, not rationalisation.
Coming on top of the sale of its
consumer products side to Wit
Hams, the Aldermaston con-
tract, and signs of real growth
in the oil division. Hunting
appears to have put together a
varied collection of businesses
that could prove significantly
more Interesting than its cur-
rent rating would suggest On
normalised pre-tax profits of
£34m this year, and earnings of
17.8p, the rating is a modest 13
times. However, the Aldermas-
ton contract is of such a signif-
icant size, with sales probably
about £250m. that investors
may want to wait to see that it
fulfils the promise that has so
excited Hunting's board.
LFPS has assets of £29m and
in its Last full year made an
operating profit of £900,000.
Completion of the transfer of
ownership of the Canadian
operations, which represents
£7m of the total is subject to
final approval by Canadian
authorities.
Lucas will use the proceeds
to reduce borrowings.
AAH
AAH Holdings, the distribution
group, has acquired Baylis
Holdings for an Initial £A25m,
of which £2.S6m has been satis-
fied by the issue to the vendors
of 544,667 shares, with the bal-
ance in cash. A further cash
sum. not exceeding £2.2m is
profit-related.
Baylis is a specialist in
"shared user” and contract dis-
tribution services with custom-
ers in the food and consumable
household products sectors.
Mid-States
Against a depressed market
background, Mid-States, the
wholesaler and distributor of
motor parts in the US, raised
pre-tax profits by 13 per cent
from £3.73m to £4.21m in 1992.
Turnover edged ahead from
£48.9m to £50. lm.
As already announced, the
company has appointed Bear
Stearnsto investigate ways of
maximising shareholder value.
The review, however, is still in
progress.
The company said that in
view of the wide ranging
nature of the strategic alterna-
tives being considered, it
believed it inappropriate to
declare a final dividend and so
the interim of 0.75p compares
with the previous year’s total
of 3p.
A special interim, however,
will be declared when
the outcome of the strategic
review is known.
Earnings per share rose by
lp to 7.3p.
De La Rue
De La Rue. the banknote
printer and cash- handling
machine manufacturer, has
acquired the coin sorting and
counting business of Case ICC
from Expamet International for
£2.lm.
FBD
With the Irish insurance activi-
ties remaining the mainstay of
the business, FBD Holdings
lifted pre-tax profits 23 per cent
in 1992, from l£9.33m to
LEI 1.5m.
The final dividend is 2.5p for
a total of 4.5p. a rise of 25 per
cent over the previous 3.6p.
Earnings per share were l?.4Tp
I13.02p).
Insurance pre-tax profits
came to I£8An fl£9-2mj, after
writing off IE800.000 realised
losses on stocks and shares, i
Market share was increased
and the customer base broad-
ened. Underwriting losses were
cut by I £300,000 to I£3.2m.
A significant improvement
came from property, leisure,
IFSC and other activities.
Net profit was I£2.7m,
against lEiOO.QOO which
included a write-down of
I£I.lm in property values. Most
of the increase stemmed from
better sales of properties in
Spain and Ireland.
The balance sheet had to
take a I£4.2m reduction in
quoted investments and
exchange translation. The
decline has largely been
reversed since the yearend.
FOR THE INVESTOR WHO WANTS TO DIVERSIFY HIS
PORTFOLIO WITH A MANAGED CURRENCY FUND.
Let all the world's
money work
for you.
New MINT Guaranteed Currencies 2001
To: Brian Fadge ar Olaaa lllll.
* D A F Mas lalrraalloiwl J.ld~
Sagar Qmmj, Laver Thant* *4 net.
Loarfon ECm IDU, Fajdaad.
■ a m a
nnvndirrbi man. hTT-fiWp
a Mini Guarantee* Currrnrlr, JMI
FT'
vtttt.
□
I wN HWcBlnM) Dfcr h be calm la
eon net Ben «iUi Kill offer.
□
I am (alnrurrf Mi Hading uvi about
brine an ngrni for E D A F Man
hitnmulomL Ptemw .end onalU
□
»Ii4l |STIJ|\wMlML
Jhu advcrtbcniml is issued in compliance with the requirements of the fofoiutionai Stock Exciianne of the United
kingdom and ihe Republic of Ireland Limited (ihe "Stock Exchange") »d does not constitute an invitation to any Mason to
subscribe for, or purchase, any rccuriiies. , pww
OLIVER RESOURCES PLC
incorporated Utt September 1971. in Ireland with limited liability under the Campania Act ISHSJ. Registered No. 35228)
To be renamed
Dragon Oil plc
INTRODUCTION TO THE OFFICIAL LIST
of UP TO 1,560,577,603 shares
by
GUINNESS MAHON & CO. LIMITED
and
DAVY CORPORATE FINANCE LIMITED
ACQUISITION OF KIRKLAND AS
£4 MILLION PLACING
1 FOR 7 OPEN OFFER
pursuant to the Offer and Hie Placing will commence on tbe define St^xca ia*ucd
UDcimilititoal in .11 rcspcc*. I, in fun]*, epeced Utat «£? ™ declared
will commence on the dealing day following ,1* day upon wfcMi OuZ c ^ °r’“ °fTcf'
Luting Particulars .laid! 8 April. 1W3 relating lo Olive, R~, pt_r nuv ^ ... , . .
collection only until and including 14 April, wjn i mn% p’ mn_„, ? obtained durmg notmal business hours by
Exchange. Lolu* Stock Change* ‘iwJT a( ** ***** *«*
a*— Sl 0*11. L“*“ “* ““ D'“"
L"'“,EC31‘]A1 ^ D-— Sireci. Dublin 2
•in t>\
]urnps
and
£37m
FINANCIAL TIMES
THURSDAY
APRIL 8 1993
_____ RECRUITMENT
JOBS. Psychologist’s research shows uncanny links between career choice and people’s longevity
fF y°u work as a financial Sr XT (j J
1 EEKSJti “Sl a A jl • f i*r_ ] j xi. ^.n°tio.n:i
u manager in Britain - and a \
“ Yu°* ^aders evidently do - f\ IY1I7C
the Jobs column has good news Jl JI1.1. V 3
Beyond retirement age are hit*h u„_ - ,
They are much better than mtoe fSPthl ^ the average
as a journalist although whem £l]he B"tlsLb Population. For
when you go it will most likelv he uj^nce, if the overall average
fwvm “ : “ “losl 1,Kely Be chance of dvW
A mysterious matter of life and death
from cancer, in my case the odds
are on some external cause such
as accidental or deliberate
violence, including suicide.
■ My reason for mentioning the
pomt is not gloom occasioned by
last week s admission that I’m
now within io months of retiring
from the FT. The stimulus was
provided by a fascinating talk at
the British Psychological Society's
conference the other day by Ben
Fletcher of the University of
Hertfordshire.
In his research into health and
employment he has delved deeply
into statistics on mortality, and
come up with some strange if not
uncanny ways in which people’s
work and their stays on earth are
connected. To illustrate, let s
return to comparing those of you
who are financial managers with
me as a journalist
. Now of course, being in the
better-off tiers of society which
typically survive longer iWn the
worse-off, both you and I have a
chance of dying while officially
fjjj" working age is taken as
100, my prospect of meeting that
sad fate rates at only 87. Yours,
however, is a mere 43 - provided
you’re a male too. that is.
Should you also be like me in
being married, the statistical
record has two messages for our
wives. The first is that, although
they can both expect to reach a
greater age than we do. yours
will be apt to outlive mine to
much the same degree as you
outlast me. Message two is that
each of them has a Ear greater
than pure chance probability of
dying of the same thing as her
husband: yours from cancer, and
mine from an accident or the like.
In other words, the careers
taken up by men are powerfully
linked not only with their own
lengths of life and causes of
death, but also with those of the
women who marry them. Or at
least that is so if they are British.
Since Professor Fletcher has not
probed the mortality statistics of
other nations, he Is unable to s&y
whether or not the same applies
in them as well.
In Britain, though, he finds
that the husband-wife link holds
good across all 550 types of work
officially listed by the registrar-
general. In some of them, the link
persists even though the man's
prospects change on reaching a
particular rank. For example,
among public administrators
below assistant-secretary level
the chances of either them or
their better halves dying before
retirement age are well under
100. From that rank upwards the
chances of the men and their
wives alike jump to around 210.
What's weirder still is that the
connection doesn’t hold the other
way round, with female bread-
winners' typical life prospects
being reflected by those of their
husbands. If you are a woman
financial manager married to a
newspaper hack, for instance,
then you alas cannot count on
the better outlook linked with
your own occupation. Your life
expectancy will reflect the worse
outlook of us journalists.
Illegally discriminatory though
that may be, Ben Fletcher’s
studies* indicate that it’s the way
things are, for the British at any
rate. And while there is no point
in allowing it to distract us from
pressing on with our careers, his
research surely faces us with a
mystery. After all, even if such
links are familiar to and used by
the actuarial profession, to know
that they exist is not to under-
stand why they should do so.
True, it is not the only puzzle
underlying our seemingly clear-
cut ways of earning our crusts.
For a start, how we do skilled let
alone innovative things at all is
still at best dimly understood.
Another puzzle lurks below
the use of the term “motivation"
as a purported explanation of
variances in people's work. If
they do better than the apparent
circumstances would lead us to
expect, we say their motivation is
high; if they do worse, we call it
low. But what motivation actually
consists of. nobody can be sure.
*Work. stress, disease and life
expectancy. John Wiley. £45.50.
A few psychologists think it is
like tension -until we've built up
a certain amount of it, we don't
even start moving. But that view
is far from accepted. Indeed most
shrinks never bother to ask what
motivation is, being content with
just seeking ways to get creatures
to exhibit the supposed effects of
the mysterious substance.
A further puzzle underlies the
use by some recruiters of astrol-
ogy which in Britain, as distinct
from France in particular, is
dismissed as a ludicrous way of
assessing human ability. There’s
nevertheless something in it. as
witness the research of French
psychologist Michel GauQuelin,
which the Oxford Companion to
the Mind describes as follows:
“Certain professions were
chosen -sports champions, actors,
scientists -and their birth certifi-
cates consulted for the exact time
of birth (which is recorded on the
Continent though not in England).
The subjects were 'famous', to be
found in reference books, and
their numbers ran into thousands.
“Astrologers believe the rising
sign (the sign coming up over the
horizon at the moment of birth)
and the rising planet are of basic
importance in governing a sub-
ject's temperament. Gauquelin’s
analysis seemed to show three
other positions were equally
important; directly overhead,
sinking below the horizon, and
directly underfoot -the four quar-
ters of the heavens, as it were.
“The findings were perfectly
clear. Sportsmen tended to be
born when Mars was in one of
these critical positions, actors
when Jupiter was there, and
scientists and doctors when
Saturn was there."
Even so, to this sexagenarian
at least, possible influences on
birth seem a less pressing issue
than wbat might govern events
still ahead. Moreover, while the
trends discovered by Gauquelin
were too strong to be explained
by chance, the statistical links
found by Ben Fletcher look to be
considerably stronger. Wbat does
he think could account for them?
While the obvious answer is
the varying stress that different
jobs impose on their doers, he
believes it is the wrong one.
Stress is too vague a notion, he
says, especially when it is gauged
by asking people how far they
feel it. Those who say they're
overloaded commonly show no ill
effects, whereas others who feel
stress-free often go under.
His theory is that the cause
lies in what he calls “cognitive
architecture", by analogy with
“computer architecture”. It might
be depicted as the basic “wiring"
which, without our being aware
of it. governs our varied ways of
thinking and so our career paths.
That might at least account
for the connections between jobs
and the life expectancies of their
male doers. As for the husband-
wife link, he suspects it may be
the product of the historic, if no
longer conscionable. belief that
women are naturally subordinate.
Hence Professor Fletcher is
trying to pinpoint the elements of
cognitive architecture. If that
could be done, he says, people
might gain psychological as well
as medical means of extending
their productive lives. But as he's
scarcely likely to do it in time to
add much to mine, all I can do is
wish him - and everyone else
with a realistic hope of profiting
- the best of luck.
Michael Dixon
RECRUITMENT CONSULTANTS GROUP
2 London Wall Buildings, London Wall, London EC2M 5PP
Tel: 071 -588 3588 or 071-588 3576
Fax No. 071-256 8501
A challenging position - scope to play a key role in the development of this business
CJA
LONDON £50,000-£70,000
THE SECURITIES ARM OF A MAJOR INTERNATIONAL MERCHANT BANK
This vacancy calls for candidates, aged 38-50, who will have spent 6 years successfully selling to
institutions and at ieast 2 years advising institutions on emerging markets. Knowledge in the South
African securities market will be a definite advantage. Responsibilities will cover linking with Continental
European and UK Institutions who wish to trade in and buy South African securities. Up to 30% travel
will be necessary to the Continent and also bi-annually to South Africa. Excellent institutional contacts
are important as is the ability to develop this sector of the market successfully. Initial salary negotiable
£50, 000-£70,000 plus full benefits package, including bonus. Applications in strict confidence under
reference SESAS4891/FT to the Managing Director, CJA
SALES EXECUTIVE -
SOUTH AFRICAN SECURITIES
YOUNG CREDIT TRAINED PROFESSIONALS
CORPORATE SECURITIES STRUCTURING AND
DISTRIBUTION
City based £excellent + car
+ full range of banking benefits
Our client is a major financial institution which has established a unit to trade and distribute
corporate securities globally. The unit will provide high level skills in the valuation and
distribution of" corporate credit and will employ derivative technology extensively.
To assist in the growth of this business, our client seeks to appoint a recent graduate with
commercial dynamism who possesses good credit skills and the ability to assist in the
structuring of sophisticated financial instruments.
Ideal candidates will have a first class educational background and 2-3 years’ work experience
post graduation, gained either in a commercial or investment banking environment.
Exceptionally dynamic individuals with an accountancy or legal background and significant
commercial exposure may also be considered. The ability and desire to work in a highly
pressured, entrepreneurial environment is essential.
Applicants should write, enclosing a full curriculum vitae, to David Miller, Director, quoting
reference 81189. Respondents will not be identified to our client without prior discussion.
A D V E R r l v / ,v a
127 Cbeapside. London EC2V 6BT
Corporate and Forward
Foreign Exchange Dealers
A leading Scandinavian tank in London, wishing to expand its presence in
the FX market, seeks to recruit experienced dealers:
Corporate FX Dealer
Candidates should have 2-3 years’ experience in trading/marketing FX and
ideally be aged between 25 - 35.
Forward FX Trader
To join a small team making markets in Nordic/Scandinavian currencies.
Candidates should have traded these currencies in a minor capacity and be
ready to take on new responsibilities.
Applicants.should be fluent in at leas, one Nordic language as we" as English.
The saiary and benefits package * designed to attract and rawatri
Assistance with relocation expenses will be given to candidates from outside
the U.K.
For more details please mite mth full C.V. and current package to:
Box No. A4921, Financial Times.
Number One. Southwark Bridge, London SE1 9HL
ECONOMIST
REQUIRED
Self mottvatid economist hquhdto
joiri crowing team or qoantttatw*
MOrmrv analysts.
Rboukok
• ExnEWENCE Of NATKMAL AMS BEOUNAJ.
BnwMK RwecAsmc
- Qmoutgk literacy
• Proven beseasch CAPABILITY
PKtr&ABU:
• LNwsstamhhc op econometrics and
FINANCIAL MATHEMATICS
SALABY GO-254M0
Please Sent CV to;
Real Estate Stratcoy Ltd
43 Sr John's Road
REAMM
Bekxshre RG1 4EB
os Dmcr ojomhks to
Anwsew ScBonojj on (0734} 566 8ttJ
PRIVATE CLIENT
BROKER/SALESMAN
IMRO-registered investment
manager, in joint venture with
AAA-backed Swiss bank, seek
highly motivated individual
with proven capacity to close
new business in UK and/or
offshore.
Salary negotiable.
CVs to Alasdair Ogilvy.
Rupert Loewenstein Investments
Ltd, 2 King St, St James's,
London SW1Y 6QI
Planning & Market Information
Financial Services in Bahrain
Our client, a leading Arab-owned insurance
and reinsurance company, has an Impressive
track record o( growth with a strong base in the
marine, energy, property and casualty, aviation
and engineering sectors. With written annual
premiums of over US$20Om, it ranks amongst
the top !00 reinsurance companies in the
world and has operations In the Far East,
London and North Africa as well as the Middle
East.
To support the company's next phase of
expansion and development, the following new
positions have been created for highly talented
professionals. These appointments are based in
Bahrain, the financial centre of the Guir. well
known lor its open, mulli-cultura! environment.
Executive Manager - Planning & Business Development
NEGOTIABLE TAX FREE SALARY + BENEFITS
You will be responsible for the introduction of
up-to-date analytical techniques and methods
Into the planning function, ensuring a sound
comprehensive base for medium and long term
corporate decision making. This will Include
planning and co-ordinating the Implementation of
development strategies, such as aquisltlons,
internal growth and joint ventures.
The role calls for proven management
experience in business planning, preferably in
the financial services sector and within a major
company. Qualified to MBA level, you must have
excellent analytical and negotiating skills and be
a self-starter with drive and intuition. The ability
to manage a team, use sophisticated IT and
develop and control the operation of an efficient
Management Information System is essential.
Ref: 1357/2
Project Leader - Market Information
NEGOTIABLE TAX FREE SALARY ♦ BENEFITS
Reporting to the Executive Manager - Planning
and Business Development, you will lead a
department engaged in the develop menu
analysis and interpretation of market
information, as well as forecasting business
trends. Specifically, you will have responsibility
for providing the information on markets and the
business environment vital to the shaping of
market strategies and realistic business targets.
In addition to excellent analytical skills, you'll
need proven operational experience of the
insurance business and of using IT to compile,
process and analyse economic, financial and
statistical data. An MBA is essential. Ref: 1357/3
Both positions demand a high level of and education assistance.
creativity and imagination. A knowledge of
French and/or Arabic would be useful.
The first-class benefits Include free furnished
housing, fife and medicaf insurance, club
membership, generous leave with paid airfares.
Please write with full career details, quoting
the appropriate reference, to Ghassan Yazigl,
MSL Group Limited. 32 Aybrook Street. London
WfM 3JL
MSL International
Consultants in Search and Selection
OIL ANALYST
Opportunity for young oil & gas professional
or City financial analyst to move into equities research
with one of the world's leading securities houses.
In this position, you will have the opportunity to
establish a reputation as an Oil Analyst with one
of the most respected financial institutions in the
City The company has a global presence in
investment banking.
As part of the UK Oil and Gas team, you will
have responsibility for analysing oii exploration
and production companies and making
authoritative recommendations on investment
opportunities. You will have frequent coptact with
top management in these organizations and will
be given scope to use your initiative and
imagination to produce ideas which you will
present to institutional investors.
To be a candidate you will be a numerate
graduate either with a sound understanding of the
commercial aspects of the oil industry or a
background in financial analysis with a bank or
investment institution. In either case, you will be in
your mid-to-late 20s and will have at least three
years relevant work experience.
The remuneration package will reflect best Cilv
practice and includes competitive salary incentive
bonus scheme and mortgage subsidy
To apply in confidence, please write to:
Tony Tucker, John Sears & Associates, 2 Queen
Anne’s Gate Buildings, Dartmouth Street. London
SWIH 9BP. Tel: 071-222 7733, Fax: 071-222 3445.
John Sears
and Associates
A (DEfllBB? EF THE SMCL CROUP
FINANCIAL ANALYST - PROPERTY
international property services firm seeks to hire an
achievement-oriented professional to join, its growing
London office. The ideal candidate will have
excellent academic qualifications, will have a
minimum of two year's experience In a financialty-
oriented position, and will be highly competent with
personal computers and financial analysis. Fluency
in a European language would be highly desirable.
Property experience would also be beneficial, but not
a requirement
This demanding position will offer excellent growth
prospects and will carry a highly competitive
compensation package.
Write in confidence wfth a full CV to:
The Financial Times,
PO Box 4770,
One Southwark Bridge, London SE1 9HL
FOREIGN EXCHANGE
CUX) Ltd. DEALER/CONSULTANT
WINDSOR - ENGLAND ATTRACTIVE BENEFITS
The rapid expansion of our organisation has created an exciting
entry level opportunity. You will assume responsibility for
establishing and monitoring substantial foreign exchange
positions, based on our proprietary trading systems.
Foreign exchange consulting to our global corporate client base
will also be required and you should be a "self starter" with the
ability to operate in a Cast moving environment
Please write with covering letter and full C.V. to:
Mr. Donald R. Lewis
Managing Director
Fimech (U.K.) Ltd
14 High Street
WINDSOR
Berkshire SL4 1LD
KINANCIAL TIMES THURSDAY APBU. *
TOP OPPORTUNITIES
Department of National Heritage
The National Lottery — Regulatory Adviser
Salary negotiable
The Secretary of State for National Heritage Intends
to launch a National Lottery to raise funds for arts,
spun, the heritage and charities. The Lottery will
be run hy the private sector. Tlie Government will
regulate and license operators. An outstanding
individual is sought now to advise on the creation
and regulation of this exciting new business.
THE R F.GU I ATORY ROLE
■ I Mine lni'iiic ihikIiikhis
■ \p|htiin tin- pnik • •pcr.imr I »\ H-iuler. ensuring .1
I ■ 1 ■ *\ i'ri 11.uk n.vtm.1 ol ii\ link :il i'X|'cnw. d/ii :u 1 aiul
■vli.itiiluv
■ \|»j>m\i- ihe |inn.lm 1 LiiiikIi .nul .ippr.iiso the
Hi.iikiTilig -ir.ilegt
■ \ppnue .nul !.■ inir< >1 new games
■ sjs«ilv I I rvi|iiiremeuis .nul firuih 1.1I ie|v ■nm.i!
pi* ^wliiri*
■ kegnl.iii’ .ill .isjxtls «i| the u|Xt.iu> hi including die
liisiriiiiniiiii «•! pn/t>
London
THE REQUIREMENTS
■ I K-iiii nwr.iUle caieer .uliictciticiil :ii •s'liim let el.
nkiifh unit tiu.nu. i.it (VSfxmsiluJiJN.'H. in a MiJssjanlial
isniijMin p.itlncrslnp nr piililu setlnr IkxI>
■ 1 nileiNijiiJuig o| iIr- Im.i-incss vminmmenl. ule.ilh wiih
e\|K-rieiue til iii.i|nr pr. n.liu-1 lamuhes. ihe MUie- Mill
in.iii.igena-ui ch.inge. .nul II liicr.u \ .
■ 1 (•niiiidiiK ali>»> sktIN and tlipl»Mii.i* ».
■ \ n.ni ml •■>. .nul n.-pui.iiiaiii lm. iuicgriix .md
indcpeiitlcniv.
The Regulatory Adviser will initially act in a
consultancy capacity but on enactment of the
National lottery etc Bill (expected later this year), and
subject to performance, will be appointed as Director
General of the National Lottery.
IMciisc send vnur iA' uuiuding salary details
1.1 Michael Brandon. Korn/Ferry International.
IV|n-s lh him.'. IJ Ihick/nnliMii M red. London Wt:j\ M)F
KQRN/FERKY
INTERNATIONAL
OiONt-- :i-'J -/v>
The Top Opportunities Section appears every Wednesday.
For advertising information call:
Clare Peasnell on 071 873 4027
Elizabeth Arthur on 071 873 3694
TELECOM
eireann
Chief Executive
Telecom Ireland is responsible for operating
telecommunications and related services through a
sophisticated network of over 1.2 million lines. With a
turnover of nearly £800 million and a staff of 13.000. the
organisation is one of Ireland's major companies. Telecom
Ireland recorded profits of £90 million in 1991/92.
Telecom Ireland is committed to providing its customers
with comprehensive and efficient telecommunications
services at competitive prices: consistent with this
commitment, the Company continues to expand its range
of products and services to meet the needs of the business
and residential markets. It has also engaged in a
programme of diversification which includes joint- venture
enterprises in Ireland and overseas.
Against this background, and in advance of the planned
retirement of the current Chief Executive. Telecom Ireland
now wishes to recruit a successor.
The person appointed must provide the leadership and
direction necessary for Telecom Ireland to achieve its
.strategic goals and meet successfully the major challenges
the Company will face over the next decade.
Exceptional management talent will be required to drive
the core business in an environment of increasing
competition and to capital he on new business and market
opportunities nationally and internal tonally.
The person we arc seeking must have an ouLsianJmg
record of achievement in industry. Although the
preference is for someone with experience in the
telecommunications sector, the prime requirement is lor a
Chief Executive with a strong commercial orientation an
undenilanding nf murkeling in a service business, e^ellem
interpersonal and organisational skills and the strati. git
pcrspeclive necessary to manage change.
The remuneration and benefits package will lully reflect
the calibre of person required for this immensely
challenging role.
The identity of candidates will not be revealed to
our client without prior agreement. Candidates should
send comprehensive personal, career and salary details to
Rosclyn Cason-Marcus. PA Consulting Group,
123 Buckingham Palace Road, London SWIW95R.
Tel: 07 1 -730 9000.
ly^Consulting
Group
Creating Business Advantage
Executive ifecninmeni ■ Htutuo Resource Cufrwlune? ■ Ai/wn wng and ComnnitwrOTtom
BANKING FINANCE & GENERAL APPOINTMENTS
International bonds
Manager
City
Our client is a global institution with approaching £5bn of assets under
management in the United Kingdom, United States, Channel Islands
and Far East
Due to a structured expansion of the group's institutional fund
management operation, a position of International Bonds Manager has
arisen within our clients' London Office.
Working within a team environment you will report to the Director of
Bonds/ Currencies and will have direct responsibility for up to 10 major
Institutional/ Corporate clients, together with a least two of the major
Bond sectors. In addition you will also be involved in presenting to
potential and reporting to existing clients.
Candidates will be numerate graduates with a minimum of five years
bond management experience, including captive insurance funds. A
demonstrably successful performance record is essential.
The importance of this appointment is reflected in the competitive and
comprehensive package which will be offered to the chosen candidate
by this highly successful group.
Those interested should send theirCurriculum Vitae (including cu rrent
package details), or telephone in confidence, to Richard A. Fletcher,
Managing Director, 28 Grosvenor Street; London, W1X 9FE. Tel: (071)
917 9623 Fax: (071) 917 6002.
Fletcher Jones ltd
Executive Recruitment
HEAD OF CREDIT
(DESIGNATE)
EExcellent + Banking Benefits
Our client a City based bank is seeking a US Bank trained Credit
Officer to control and monitor credit policies, vet new credit requests,
review existing business and professionally monitor all outstandings.
It is essential tha t you have been exposed to both UK and U5 banking
systems, regulations and methodologies with strong knowledge of
property, trade- finance and a broad range of corporate banking
products. Graduate, aged 35 plus preferred.
Please contact Ron Bradley on 071-623 1266.
Jonathan Wren & Co. Limited, Financial Recruitment Consultants
No.l New Street, London EC2M 4TP Telephone 071-623 1266 Facsimile 071-626 5259
JONATHAN WREN EXECUTIVE
Lazard
Investors
Global Bond Fund Manager
Lazard Investors, the Fund Management division of Lazard Brothers, currently
manages assets in excess of £4 billion on behalf of a wide range of international
and domestic clients.
We are seeking to appoint a Fund Manager with at least 2-3 years experience in
managing Global Bond Funds. Candidates should be well versed in the
praccical aspeccs of fund management and experienced in dealing in a diverse
range of markets. An appreciation of the use of derivative instruments in
controlling risk and protecting return in bond portfolio is also essential. In
addition, candidates should be graduates who arc gpod team players with the
ability to formulate and articulate clear views on markets.
Interested candidates who meet our criteria should send their curriculum vitae,
including present remuneration details and contact telephone numbers, no later
than Friday 30 April to:-
Sarah Barber
Personnel Department
Lazard Brothers & Co.. Limited
Moor fields. London EC2P 2HT
Japanese Investment
Analyst/Trainee Fund
Manager
Previous Japanese experience
not essential
London W1 Attractive salary & choice of car
Allied Dunbar Asset Management provides a full range of
investment and advisory services to companies in the Allied
Dunbar Group. Funds of over £i t billion are invested in
Equities, Fixed Interest and Property world wide. £ (billion of
this is invested in various Far East funds and trusts with over
£500 million in Japanese stocks.
Owing to a recent reorganisation we are looking for a
bright graduate in economics or a similar numerate discipline to
provide essential research back-up on the Japanese market.
This is an excellent opportunity to acquire first-hand
knowledge and practical experience of an exciting and
challenging market. Wc envisage that you will soon progress
from the research role to fund manager level due to the range of
funds managed by this small team.
Probably aged in your early 20s you will have a minimum
of two years' experience in investment analysis preferably
covering Japan. However, previous Japanese experience is not
essential - we're looking for a fast learner with a disciplined
approach to analysis who can be an effective team member.
You will also he a self starter with excellent communication
skills and an aptitude for personal computer applications.
In return we offer an ai tractive salary dependent upon
experience plus a good package of benefits including a
company car, interest free season ticket loan. BUPA. SAYE
and profit sharing schemes after a qualifying period, non
contributory pension scheme and free life cover.
If you have the skills, experience and potential we are
looking for please send your CV lo Cathy Higgins at
Allied Dunbar, 9-15 Sackville Street. London WIA 2JP.
Alternatively, please ring her for an application form on
071-434 3211.
Allied Dunbar are committed to equal opportunities, and
welcome applications from all sections of the community
ALLIED
DUNBAR
PERSONAL FINANCIAL GUIDANCE
ADVERTISEMENT SALES
EXECUTIVE
Attractive salary /benefits
FT Business Information, part of the Financial Times
Group is seeking to recruit an Advertisement Sales
Executive to work on one of its specialised monthly
magazines. The Banker is an authoritative and
informative international magazine concerning financial
business matters.
It is likely that the successful candidate will possess two
or more of the following qualities:
- Experience of working within the international
financial business community.
- Previous selling experience.
* Educated to degree level or equivalent.
- Fluency In English and one other European
language.
If you think you can meet the challenge, please send
your CV together with a brief covering letter explaining
why you should be considered for this position, to:
Eric Davis
Advertisement Director
The Banker
Greystoke Place .Fetter Lane
London EC4 1ND
(NO AGENCIES)
IHE BANKER
Credit Officer
m
: Global Cash Management Sales
Citibank is looking fora Credit Officer to assume responsibly Tor
client credit recommendations across a broad range of cross border
payment products. The position represents an outstanding opportunely to
work in a leading international banking institution focusing on Global
Cush Management Sales across Europe and die Middle East.
The position involves working closely with the Sales teams as well as
Citibank branches and clients in Europe and the Middle East. It will include
building credit approval models and processes for specific products: the
approval of credit facilities for Financial Institutions and Corporates: and
the provision of credit administration for the booking of transactions.
Candidates must have minimum of 3 years experience in a credit
related environment to include financial modelling and credit assessment.
A knowledge of accounting and u high level of computer literacy is
essential. Fluency in a second European language would be useful.
An excellent remuneration package is offered.
Please send your C.V. and salary details to Joanne Lee. Human
Resources Officer. Citibank. PO BOX 242. 336 Strand, London WC2 ILS.
CITIBAN<0
; We are an equal opportunities employer
NORTH AMERICA - UK & EUROPE - THE FAR EAST
finding complementary skills in domestic and international debt, equity, currency, commodity,
and derivative products markets in originations, syndications, distribution, sales, trading,
market-making, research, analysis, economics, structured transactions, swaps, risk management,
corporate advisory, flotations, new issues, mergers and acquisitions, venture capital, asset
management, treasury, global custody, marketing, product development, strategy
£
GZ STEPHENS INC
No l Worid Trade Centre
Suite ISZ7, New Ym* KM
Tet (2IZ) SI 3040 Fits (212) 321 3175
STEPHENS ASSOCIATES (FAX EAST)
2103 One Pacific Place
STEPHENS ASSOCIATES
& KENNEDY STEPHENS
20 Cousin Lane, London, GC4R3TE
Tet (7IJ 236 7307 Far (71) 489 1130 Tet (8S2) 877 2011 Far (M2) 596 0389
fund
A brand - new $50 million arbitrage fund adviser
based In the UK seeks trading & support staff.
Equitable House Investments Ltd. led by
Dr. U Desmond Fitzgerald, will act as sole
trading adviser to two new US-based arbitrage
partnerships in association with a major US
arbitrage group.
Equitable House will be active In all areas of
arbitrage trading, concentrating on relative
volatility trading In fixed interest, equity and
commodity derivatives.
Ic fs looking for the following staff, with wide
dertvatives/cash market experience. Salaries are
competitive. Prospects for performance-based
remuneration are excellent:
Please reply with ftjfl career derate to:
Senior Traders: Experience needed
of structuring and dealing arbitrage
products, exchange- traded and OTC
Instruments. Including exotics.
Hradenc Must have experience of
exchange and OTC execution, pricing,
and knowledge of a wide range or
markets - fixed income, equities and
comrrodMes.Knowtedge of Repo
markets an advantage.
Rmwzntlts One head of research/one
reracher required with experience of
artaferage/quants trading technique.
Administration: One manager
nzvensiUeTor me middle office plus
^tearing and settiemertts staff.
Alison Mather
Unique Consultants
1 Greenhffl Rents London EC IV 7HD
4
^nr- ■
0bTS ; "
. . - *• - r-
i*. *■** -#
5* • * ' ■
«NANCrALTEVreSTHuRSOAY
APRIL 8 1993
29
dXMIHED T0 nTAL CUSTOMER CARE
fofocaredtonew offices m Waterloo (South East of Brussels)
BUDGETING and
COSTING Manager a um
The Job:
be In charge of
* 311 Ws ttnaneiai activities of our
• Efm? t^LbUd$?!* ^ “Wpenyand budget control
mm up and control on all types
SC/TFAT /5 the world-,
renowned leader of colour
electronic pre-press sys-
tems for Me printing and
publishing industries.
Through technological in-
; novation, market driven
i solutions and a commit-
\ went to customer support.
Scitex has consistently
maintained a leadership
position in Us principal
markets, its continuing
success owes much to the
calibre and commitment of
its employees.
-r ^vnum un
•Planning and forecasting
• analysing the performance of the co/many
• develop new tools and computerized system.
The profile:
• University degree, preferably MBA
• Good ma^ei^sM^ *** similar multinational environment
‘ Bfff bly motivated and responsible person
• Willing to work hard and wider pressure
• Knowledge of American accounting rules
• Excellent communication and interpersonal skills.
jvm awmauun ana resume w me
based at our European Headquarters:
Waterloo Office Park. Orton Othello 161.
Building E-F, B-1410 Waterloo. Belgium
Tat. 32Jf.3SZ.25.08 - Far 32.2.351.09.15
Caaftdontlaltty during the selection process is guaranteed.
Together with an attractive compensation package and Mage
benefits, we offer tbe possibility to participate la 8w realization
of tbe ambitious plans we hare ter our company.
Sedas: The Standard WWdwkte la Cotoer Graphic Comaeatcadoe —
CARDIFF BAY
♦Development Corporation*
DIRECTOR OF
BUSINESS DEVELOPMENT
Salaiy c. £40K Plus PRP, Relocation Package and Leased Car
Cardiff Bay Development Corporation was established in 1987 with the objective of putting Cardiff on the
map as a superlative man time city, standing comparison with any such city in the world, thereby enhancing
(he image and economic well being of Cardiff and of Wales as a whole.
We are now moving into our implementation phase and are seeking to accelerate our inward investment
programme. In order to build upon our successes we wish to appoint a Director of Business Development
with the prime responsibility of attracting inward investment.
You will be a key member of the Executive Team, working under the direction of the Chief Executive but
you will be expected to work with a considerable degree of independence. You must be able to relate
equally well to the planning, product development and marketing functions of the Corporation.
You should have a minimum of five years experience ata senior level in the economic development/in ward
investment field and possess a degree or professional qualification. First class communication and
presentation skills are essential in order to express and promote the vision of the Corporation.
For an information pack, please contact Kathryn Knowles, Personnel Officer, TeL no. 0222
471576 Ext 230, or write to her at Cardiff Bay Development Corporation, Baltic House,
Mount Stuart Square, Cardiff CF1 6DH-
The Corporation is committed to equal opportunities and applications are welcomed from anyone
irrespective of colour, ethnic origin, sex, marital status or disability.
Cardiff Bay - Europe’s Most Exciting Waterfront Development
Leading US Investment Bank
Assistant European
Equity Strategist
US investment bank seeks a high quality individual to work directly
with the London-based European Equity Strategist- This front line cole will
include market valuation, performance analysis and forecasting and, as the
individual gains experience, an increasing profile in internal meetings,
publications mid marketing to investor clients.
The successful candidate will have a strong academic profile in
Ecooomics/Statistics, preferably to higher degree/MBA level and a thorough
understanding of financial theory. Outstanding oral and written
communication skills are a prerequisite: three years relevant work
experience is also essential. An Equity sell-side background would be a
definite advantage.
Interested applicants should contact Andrew Stewart at BBM Associates Ltd
(Consultants in RecnatmencJ on 071-248 3653 or write, sending a detailed CV
and covering letter to 76 Wading Street, London EGfM 9BJ.
76, Wading Street,
London EC4M 9BJ
Teh 071-248 3653
Fax:071-248 2814
appears every
Wednesday &
Thursday &
Friday
(International
edition only)
For further in
formation
please call:
Andrew
Skarzynski
on 071 -873 3607
Mark Hall-Smith
on 071-873 3460
Tricia Strong
on 071-873 3199
JoAnn Gredell
New York
212 752 4500
Philip Wrigley
071 873 3351
Elizabeth Arthur
071 873 3694
Clare Peasnell
071 873 4027
FINANCIAL TIMES
T*N
Finance Task Force
Manchester/Dusseldorf
c£30,000. Car, Benefits
From our International Headquarters in Manchester. T&N pic is a world leader in materials technology and
component manufacture. Our turnover is in the region of £1.5 billion. With the imminent acquisition of a mayor
German manufacturing group, wc intend to appoint a fluent German speaking accountant. The initial role will
involve a period of considerable travel to Germany. Thereafter you will be involved in a diverse range of
international assignments from our Manchester base.
Xtmj&QlM
■ Working as part of a high profile International Task
Force, your initial focus will be to spearhead the integration
of our new partner into tbe T&N Group.
■ Your particular value will derive from your ability to
facilitate the creation of an appropriate financial
organisation and information infrastmeture.
■ You will develop the relationships with senior
management, accounting and I.T. personnel which will be
paramount in implementing changes that closely affect
them.
THE QUALIFICATIONS
■ A fully qualified accountant with complete fluency in
German.
M A good understanding of financial organisation and
structure in a major group environment.
■ Strong interpersonal skills, coupled with the tenacity,
drive and personal commitment to control the management
of change.
■ The ability and ambition to progress to senior
management levels. Peter
Downes
To pursue your interest in this career building opportunity, your curriculum vitae should be
forwarded In complete confidence to our advising consultants:- Peter Downes Associates, Brookside
Cottage, Red Lamb, Nordeu, Rochdale, OLL2 7TX. (Tel: 0706 32443) Please mark your envelope
Ref TLV07.
Associates
Financial Controller
Director Designate
Zimbabwe
Our client, an international group with extensive and
diverse operations in Zimbabwe, requires a finance
professional to join the management team of its
construction and civil engineering operation in Harare.
The Financial Controller will manage all financial activities,
with particular emphasis on contract accounting and MIS.
and assist in developing further business operations.
The person wc arc seeking must be adaptable, capable of
joining a young, dynamic team in a challenging and
changing business environment. Ambition and leadership
ability will be important factors in selecting candidates.
Applicants should be Zimbabwian citizens or be entitled to
Zimbabwian citzcnship. Probably aged 30 - 45. the person
appointed will be a qualified accountant with exposure to
sophisticated financial systems, procedures and controls.
Exceedingly good commercial as well as financial skills
arc essential.
The remuneration package, to the highest standard, will
take full account of both local living requirements and the
importance of the appointment.
The identity of candidates will not be revealed to our
client without prior agreement.
Candidates should send comprehensive personal, career
and salary details, to Tom Ycaton Ref: SIR/6025/FT,
PA Consulting Group, 10/12 Lansdownc Road.
Ballsbridge. Dublin 4. Tel: 010-3531-684346.
g^Consulting
Group
Creating Business Advantage
Fiamlic RevTuiiracol • Honan Rnntovc CoBnlaoa Adirrtismi; and Curammucninn,
Equity
Research
Analyst
Building
We are seeking to appoint a young and enthusiastic
Research Analyst to join our team covering the Building
Sector in the UK market Applicants should be numerate
graduates with a genuine interest in detailed investment
analysis and an appetite for relentless hard work, early
morning starts and a hectic working environment
The successful ca ndidate may not necessarily be working
currently in Hie Securities industry.
For the successful candidate this is a very attractive
career opportunity in a leading Securities house offering
a competitive remuneration package.
Please apply in writing with a full CV to:-
Sioned Exley Personnel Manager, Group Personnel.
Kleinwort Benson Securities Limited, PO Box 560.
20 Fenchurch Street. London EOP 3DB.
Kleinwort Benson
Securities Limited
WANTED:
DERIVATIVES
TRADER
CONSULTANT.
Requirements: at
least one year of
futures pit
experience. At
least three years of
options pit
experience-
University Degree.
Extensive
mathematical
background.
Extensive
computer
knowledge.
Write PO Box A4773,
Financial Times,
One Southwark
Bridge, London
SE19HL
Leicester
University
REGISTRAR
The University of Leicester mvitxs fpptotiOTB
for the poet of Registrar, which will become vacant
OD 31 July 1993 when Profawor Gould BBrabaum
leaves to take up the post of Vice-Chancellor ol
South Bank University.
The Registrar is l
to the Vice- Chain — — , -
University's administration, estates and services.
resources and to maintain and enhanra bmka with
ssssastsssss:
SSSSSESSSSB^*
commitment to excellence m teaching, research
and services to the community.
The salary will match the responsibifities of the
post and will be determined by negotiation.
Further particulars «n ^ obfofoedfio® the
asasasassg1™^
later than Monday. 26 April 1993.
Towards equal opportunities
FOREIGN EXCHANGE
to £100,000
A top tier UK Investment Bank, which is part
of a major international banking group, seeks
to recruit an experienced Swiss Franc Trader.
You should have at least 5 years Foreign
Exchange trading experience predominantly
in Swiss Francs, and be a highly motivated
and dedicated individual. You should have
some experience of proprietary trading and a
track record of high profilabilily.
Please contort Jan Perrin art 071-623 1266.
luazifcaa Wrea <■ Go. Listed. FtaubaJ ftcemtawM Cawtax
Mai htewSwU-a-EOMOF Teta71-fi2S12«ftx.Wl«52S#
JONATHAN WREN
GRADUATES 23+
Private Company seeking to expand following highly
successful firs! year, require graduates or those of a sound
academic background, to be trained to the highest standard
with aim of full profit participation through partnership
within 2/3 years.
Call: JASON LURIE on 071-379 3488.
NATIONAL MUTUAL LIFE
TRAINEE
FUND MANAGER
National Mutual Life has a vacancy for a Trainee Fund Manager.
The successful candidate wtU be part of a small Innovative
team, working alongside several fund managers and will quickly
gain varied and wide portfolio management experience, with
particular emphasis on European markets.
The comprehensive training given will encompass the valuation
and performance measurement functions of the department.
The candidate should have a good standard of education,
preferably with an econornks/matha background, should have
an outward going personality, be able to represent the Society
and have good communication skills both verbal and written.
The Investment Department is based at National Mutual Life’s
prestigious offices in a 29 acre parkland setting in Hitchin,
Hertfordshire, forty-five minutes from the city. The position
offers excellent career opportunities and an attractive
benefits package.
PI
apply In writing with foil career details t<r-
Mre B J Smith, Personnel Officer
National Mutual Life Assurance Society
The Priory, Hitchin, Herts. SG5 2DW
ABKmt>eralihcfeH>cfatlnn<ilB-vshbsinrsjnd LAUTKU
BEAR STEARNS
l CBB>OLANM,YSl
A Credit Analyst is required by the Fixed Interest Research
Department of Bear, Steams In London. Reporting to the Senior
Credit Analyst, wortt wfl Indude assessment of issuer and investor
credit risk, analysis of Corporate y£eW spreads end appraisal tar and
regulatory changes. The Credit Analyst will be expected to
demonstrate original thought to develop uade Ideas and to
commixilcata effectively wKh customers and senkx management.
This Is a challenging position for a motivated individual in an
expanding and successful fixed Interest operation, hie successful
candidate wffl be educated to at lease first degree leveL A background
in aeonomks/Snanca Is required and a detailed ftnoiria dge of fired
income Instruments is necessary. Applicants should be numerate and
wfll have gained 2-3 years experience working on credit risk fn either a
commercial bar* or an investment bank.
I MVljLCMRRgNCY PONP ANALYST
We are seaklng to augment our International Fixed Income
department by recruiting a Mufti Currency Bond Strategist, who wBl be
responsible for using the firm's proprietary analytical systems to
generate trade Ideas and formulate strategies both Irvhouse and for
customers. A familiarity with yield curve equilibrium models,
optimisation and appficstions of modem portfolio theory (s therefore
essential.
Applicants must have a minimum of five years experience with a
detailed knowledge of derivative instrument pricing and be highly
computer Iterate with a practical fcnowiac&s of language applications.
It Is Hhety that the successful candidate win have gained a PhD in
Bnance or a related Moths tSsdoilne.
We are looking for a candidate with etcetera communication sWtis
who Is highly seif motivated end used to working In a pressurised
environment. A knowledge of another European language would be an
advantage.
Mrs Susan Callaghan
Bear. Stearns International Limited
One Canada Square, London EC14 5AD
Systems Analyst
American based futures and options trading firm seeks a Systems
Analyst to maintain and expand current trading and clearing
operations.
Strong mathematical and computer skills are essentia), including
basic calculus; PC hardware; DOS environment; C+. C++
programming; spreadsheets & databases; mainframe familiarity,
RPG language; AS400 operating system.
The Systems Analyst will be expected to have a minimum of two
years experience utilising current techniques and software for risk
management in the derivative markets. A high level of
competence is required in accounting principles, database
management, options theory, hedging and trading
Applications should be posted in confidence to; The Financial
Times, PO BOx 4771 , One Southwark Bridge, London SEl 9HL
SALES MANAGER
Our cliem, a leading Japanese bank, requites an experienced Sales
Manager to expand and consolidate its activities within the UK and
Europe. A multi-functional role requiring strong managemem skills,
flexibility and ability to deal effectively under pressure.
The successful candidate will deal with Japanese individuals and
corporate clients on on international basis. Knowledge of Japanese
business customs and culture is essential, as is fluent spoken and
written Japanese. J A C
Please write with CV to Mr. T. lizuka ah
JAC Recruitment, 3rd Floor, Danntsey House,
Frederick's Race. Old Jewry, London EC2R 8AB
FINANCIAL
TIMES -twi JR SPAY APRIL 8 1993
30 ACCOUNTANCY COLUMN
Meeting of minds fails to strike the right balance
Andrew Jack reports on the gulf between academe and the profession revealed by a key conference
IF THE British Accounting Associ- family. London wool and wheat mer- ignorance or naivety of the profession research will be diverted too Gar to is making a second .career fro
ation conference held this week is chants who diversified into shipping if not downright hostility. A good practical applications, or dressed basting accountants, cramj
anything to go by. the profession and overseas trading. number seemed unable to even read a uneasily in empirical clothes. A large calls for an end to sen-regmar
IF THE British Accounting Associ-
ation conference held this week is
anything to go by, the profession
should be sadly shaking its head. As a
slice through the current state or aca-
demia, the omens from the UK's prin-
cipal annual research gathering held
at Strathclyde University in Glasgow
are not good.
Both the focus and the quality of
research seem to an outside observer
to leave much to be desired. While
many academics criticise accountants
for creating a profession shrouded in
mystique and self-interest, they are
doing exactly the same in their own
work - with one important difference.
Unlike accountants in business or
public practice, they have apparently
no “customers” to prevent them
becoming smothered in seif -absorp-
tion.
Karl Marx is certainly alive and
well in accountancy departments
across the country. But he is also no
doubt turning fast in those tombs at
the thought of those who have failed
to move with the times, and who
invoke hts name while failing to
match both his level or analysis and
his writing abilities.
“Calls for concomitant change in
accountancy practice have been made
from perspectives if not entirely inter-
nal to the discipline then internal to a
dual is tie ontology." the abstract to
one jargon-ridden and highly abstract
paper begins.
Education would not be fulfilling its
purpose if it was entirely utilitarian
and vocational. A fascinating paper -
unfortunately withdrawn at the last
minute - promised to reconstruct the
fifteenth century accounts of the Cely
family, London wool and wheat mer-
chants who diversified into shipping
and overseas trading.
The findings? The accounts were in
some ways highly sophisticated, and
showed gross profits from shipping of
100 per cent against 10 per cent for
the domestic wool trade. No surprise
that the shift in activity took place.
But stripped of the blubber of ver-
biage. too many of the academic
papers and presentations had little
meat of original or interesting intel-
lectual content let alone solid bone of
theoretical framework or structure.
Those attending the conference
stressed the importance of meeting
colleagues and carrying on work
informally outside the seminars, and
that many of the papers were at an
early stage. But as the principal aca-
demic meeting in the UK each year,
the output was disappointing.
Ironically, one of the better papers
was given by two US academics, who
suggested that women accountants
were more moral than their male
counterparts in the Big 6 firms.
Others looked at the accuracy of
analysts' forecasts, studied the rea-
sons for changes in audit firms by
companies and examined the effec-
tiveness of the government's reforms
of the National Health Service.
Research in many academic sub-
jects has no obvious ties to a profes-
sion . Some, such as literature, have
little scope for becoming directly “rel-
evant" to the world outside universi-
ties. But what seems surprising is
that in one so young and so depen-
dent on practitioners as accounting,
there should be so little dialogue.
Many of the academics betrayed
ignorance or naivety of the profession
if not downright hostility. A good
number seemed unable to even read a
basic set of accounts.
As one survey presented at the con-
ference showed, most practitioners
believe accounting research is largely
theoretical with less concern on rele-
vance to practical problems. It lacks
general application, and focuses on
multinationals more than small and
medium-sized firms.
The mismatch works in both
ways. The accountancy profes-
sion cannot escape without
some blame. It seems to be making
little attempt to build bridges, or
learn from the more meaningful
research. There was no sign of any
technical staff or partners from the
larger firms at the conference, for
instance. The only outsiders to the
400-odd academics were a handful of
publishers. Aside from its sponsorship
of a few academic posts - rather than
specific research projects - its role is
negligible.
That is not to say that all the practi-
cal papers were of the greatest value.
One consumed 45 pages of regression
analysis to find that the turnover of
newly-qualified accountants in the
firms is determined by job satisfac-
tion, and commitment to the organisa-
tion and the profession.
Another provided a useful review of
the status of audit committees around
the world, but finished with the
hardly profound conclusion that;
“they are not, and cannot be, the solu-
tion to all corporate ills".
There is clearly a danger that, with
funding pressures tightening.
research will be diverted too far to
practical applications, or dressed
uneasily in empirical clothes. A large
number of the papers presented in
Glasgow used surveys, bat their sam-
ple sizes and hence reliability were
risible; as low as IS in one case.
The university academics mutter
that standards have fallen now that
polytechnics have been re-titled uni-
versities and that their lecturers,
recast as dons, are being required to
undertake serious research for the
first time. But some of these papers
do at least have relevance, reflecting
the vocational bent of the former
polytechnics. One considered ways to
make accounting information friendly
and useful to managers in business,
for instance.
A more valid reason for low quality
may be that academic accounting is
fragmenting, with the more worth-
while research being presented at spe-
cialist conferences away from the
annual gathering.
Yet if there is better work being
done elsewhere, there certainly seems
to be little attempt to disawmhuitp the
findings beyond abstruse technical
journals which circulate only to uni-
versity departments and libraries.
That may be the best way to gain
personal career advancement for aca-
demics, but it does little good to soci-
ety at large.
An interesting start to re-focusing
attention outwards was made at this
year's conference in the form of a
debate between politicians and practi-
tioners. (In the interests of full disclo-
sure, take note that the author of this
column chaired the session).
Austin Mitchell the labour MP who
is Tt>ntrfng a second career from lam-
basting accountants, continued his
mils for an end to self-regulation, the
introduction of regular rotation of
audit firms and a new companies act
which sets out auditors' duties to
shareholders, including the detection
of fraud.
Stuart Bell, Labour’s trade ana
industry spokesman, called for a US-
style Securities and Exchange Com-
mission. the enshrinement of account-
ing and auditing standards in Euro-
pean directives and the possibility of
German-style supervisory’ boards to
oversee companies.
Primrose McCabe, senior vice-prest-
dent of the Institute of Chartered
Accountants of Scotland, asked for
thna to let the new mechanisms of
discipline and enforcement work,
while conceding that auditors may
have given way to chief executives
too' easily during the 1980s.
Bill Morrison, deputy senior partner
of KPMG Peat Marwick and chairman
of the Auditing Practices Board,
stressed the need fin* litigation protec-
tion for auditors and for recognition
of the role of professional expertise |
and judgment in the audit rather than
simply simplistic, dogmatic rules. ,
However accurate or misguided I
these views, they provide an illustra-
tion of the some erf the concerns vex-
ing the profession. Perhaps academics
should take heed of them in determin-
ing their own research interests, and
then be sure to disseminate the find-
ings widely. While most turn their
backs on the world off-campus, the
risk is that an unrepresentative hand-
ful that do speak up distort the image
and reputation of the discipline.
The Institute of Quality Assurance j
Head of Finance & Administration j
— i
!
its pocitioa m ibe anquearioraed «uOxxily on Quality Asaomnoe.
i~. Mphlighied the need to P«H in j
rtjTjLitntrt nnatmuod growth and expanrioa. Tto tote
on > continuing bttta. ,
The PERSON . , . . . j
The ideal candidate ha* rtrong planning, ®n"a01** ***. !
orgoniwlional ■ both n good w j
taflocoocr. With exedtan ***n*~^‘**“ I
diplomatic nanegcr of change Prob,b>? * J
,nd Quartered accountant with a quality oriettfattoo and pocubty ,
Company Accountant
Qualified or unqualified Accountant with five years -
experience required Candidate will be responsible for
financial accounts of a rapidly growing UK subsidiary of a
XJJS. manufacturing firm. Candidate must be fluent in
German and proficiency in other languages preferable.
Responsibilities also include preparation of management
and financial accounts as well as credit management
Salary negotiable. Experience with computer-based
yyYMmring systems essentiaLPersonal enquiries only.
Write to Box A4763, Financial Times,
One Southwark Bridge, London SHI 9HL j
DO YOU MATCH OUR CLIENT'S AMBITIONS?
DO YOU THINK OF YOURSELF AS A EUROPEAN?
Ambition, mobility and promotabifity are paramount in (be candidate specification:
it will be taken tor granted that you are a graduate accountant, aged 28 - 35.
Relevant experience in a significantly sized manufacturing environment will have
given you an indepth understanding of financial analysis and planning as well as budgets
and management reporting.
The role within (his £10GM+ division of a major international group is to provide,
on a regular basis, both unit and divisional management with concise business
information and analysis, which is critical lo future business decision making. A significant
involvement will also be in foreign exchange and banking matters.
Additional demonstrable qualities should be excellent communication skills, an
influential character and commercial astuteness.
Some European and occasional international travel will be a feature of the role,
therefore competency in French, German or Spanish is essential.
Candidates should send a comprehensive CV or telephone for an application form
to Howgate Sable & Partners, Arkwright House, Parsonage Gardens, Manchester M3 2LF.
Tel: 061-839 2000, Fax: 06T-839 0064, quoting reference (F.T.8Q3C).
BBewgiale Safete
SEARCH AND SELECTION: EXECUTIVES AND INDEPENDENT DIRECTORS
Price Waterhouse m
EXECUTIVE SEARCH & SELECTION
Finance Director
Must be used to the deep end
as well as life in the fast lane
To £65,000 plus car and bonus West of London
u. Financial
Director
A A
aAaA
aAA A A
* aaA aA
/W4TROC
ItmOon ci roc McwrfltaQr
Worcestershire
• Our client. Morgan Matroc limited, is a leading
0 producer of technical ceramics with international
operations, manufacturing a wide range of
advanced components for mechanical, electrical
and electronic applications. It has annual turnover
of £50m from its divisions, including significant
exports with a consistent record of growth and
profitability.
■ The parent company, Morgan Crucible pic,
places emphasis on subsidiary autonomy and is '
committed to growth by developing existing c
business and by acquisition. rr
■ The Financial Director will assist the Managing
Director in achieving the business objectives by
providing sound financial and commercial advice
in all areas of decision making and ensuring
efficient management of the financial resources.
This will be achieved through effective working
relationships with executive management, divisional
financial controllers and the parent company.
c.£35fiOO + benefits
i ding " Key responsibilities will include updating and
ina! standardising financial practices across Matroc
of with emphasis on improving costing systems,
:al variance analysis and control of working capital;
er preparation of consolidated financial reports and
it management information as well as the duties of
i Company Secretary.
■ The ideal candidate will be a qualified accountant
with experience of acquisitions and multi-site
operations, a track record of innovation and the
desire to build a career within a winning team. He/she
must be skilled in financial analysis and in
communication.
■ Please apply in writing stating why you are suited to
the post and enclosing a CV to Robert Hftl, Bust A
Young Corporate Resources, PO Box 1, 3 Cotmore Row,
Birmingham B32DB, quoting reference f/fOSi/FT.
sU Ernst &Young
A young and growing retail venture is
seeking a graduate calibre Finance
Director to help implement its ambitious
future plans. You must be a Chartered
Accountant; ideally between 56-45;
extremely numerate and a first -class
manager. Already having held a Finance
Director post, you must have sound
exposure to a business involved in the
processing of large volumes of sales
transactions. Ideally, you will yourself
have been a catalyst for change and have
faced (and mastered) the challenges
inherent in changing culture within a
business. If you know the retail business
as well and are also used to dealing with
institutional investors - then that’s even
better.
You’ll be responsible to die
shareholders for the assets of die
company and required to produce leading
edge management accounting information.
This job is about staying on top of die
numbers; liaising with your colleagues in
helping them to manage the business; and
advising both your boss, the MD, and the
Board on broader corporate strategy.
Your ability to demonstrate effective
communication with key personnel from
Board Non-Execs to operational staff, is
going to be essentiaL
Not for the ’feint-hearted', this is a
great opportunity for advancing your
career and making/confirming a name for
yourself in retailing. The company has a
high profile, a lot of “blue chip' backing
‘ and is poised to grow dramatically in the
□ear future. The staff are enthusiastic,
highly motivated - it's a great atmosphere.
If you fret you meet the criteria above
and are the type of person who can both
jump in at the deep end as well as live in
the Fast lane, contact Hamish Davidson on
071 939 6312 for an informal but
confidential discussion. Alternatively,
write to him, enclosing a lull C V and
quoting reference H/ 1348/FT at
Executive Search Es* Selection
Price Waterhouse
Milton Gate
1 Moor Lane
London
EC2Y 9PB
Fax; 071 638 1358
WEST AFRICA
C £37,000 "NET"
+ EXPATRIATE BENEFITS
. *;.v-
. . } / 1 \ * mT •
• .*■ « •». 4 '
MileigiS
- ■ v vvj; • • • • • "•"'v-.'i
Manager -
Corporate
Audit
PACKAGE
c£35,000 +
CAR AND BENEFITS
MAJOR
NORTH WEST PIC
With headquarters in the North West and major operations in the UK and the
rest of the world (principally USA and Europe!, this major pic has some 7.000
employees and turnover in excess oi £700m. The company needs to know that its
internal control systems jre second to none and are operating smoothly in order to
provide a secure platform for its purposeful and (xolitable growth strategy.
Working within a compact Corporate Audit team, the role will cover a wide
span through compliance, management audit, special projects, and liaison with the
statutory auditors. An immediate and significant contribution to enhancing
management and financial controls will lie sought.
Applicants will he graduate Chartered Accountants with extensive audit
experience, ideally with exposure lo large scale contracting and major IS systems in
a blue chip pic environment. Analytical and communication abilities must be of the
highest order.
This high profile |josition. with the considerable flexibility required in terms of
overseas travel and high pressure environment, will be strongly rewarded, and career
prospects within this maior pic are excellent.
Candidates should send a comprehensive CV or telephone (nr an application
form to Howgate Sable & Partners, Arkwright House, Parsonage Gardens. Manchester
Mi 2LF. Tel: 1 161-8 39 2000. Fax: 0b J -839 00fa4. quoting reference (F.T.799E).
SEARCH AND SELECTION EXECUTIVES AND INDEPENDENT DIRECTORS
This is on excellent opportunity lo be involved in o young
and tost developing commercial operation in West Africa.
The company, o member of an infemationai group, is
engaged in manufacturing and moikefing vegetable oils,
foods and packaging operations for which products and
brand names are already well established.
Reporting to an expatriate General Manager, you will be a
member of the local management team, specifically
responsible tor the efficient financial management and
accounting of the subsidiary. Managing some ten staff
you will be expected to develop an effective commercial
accounts department to include the production of sound
management Information and adherence to strict
budgetary & cost controls and cash & FX management
disciplines. Future prospects for career development
elsewhere in the group are excellent.
You must be a qualified accountant wtth some 5 years' post-
qualification experience in a senior financial management
role. Ideally in on FMCG or Industrial environment.
PC literacy and o knowledge of accounting packages are
essential. Based in Logos. Nigeria, Bis package Inckides
good expatriate benefits and the remuneration wiH be paid
'net of local tax' and largely '‘onshore'.
Please send full personal, career and salary details, which
will be acknowledged ond forwarded to our client,
excepting those companies you request otherwise, to
Adrian Edge!!. Coopers fir lybrand, 9 Greyftfars Road,
Reading RG1 1JG, quoting reference AE875 on both
envelope and lerter.
%
; COOj
; r-v i ■ :p 3
j&Lv
Srancl
APPOINTMENTS WANTED
Experienced Finance
Director
Proven track record with U.S. conglomerate in
Europe, Africa and Middle East. Based in Brussels.
Seeks challenging new assignment
worldwide. Short/long term.
Write to Box A4760, Financial Times,
One Southwark Bridge, London SE1 9HL
CHALLENGING
APPOINTMENT/ASSIGNMENTS
Sought by commercially minded Chartered Accountant and
Company Director.
Particular knowledge of acquisitions and disposals, raising
finance, manufacturing, commercial property, problem solving
and turn-around situations in Midlands and London.
Please reply in confidence to Box; A4761,
Financial Times. Southwark Bridge,
London SE1 9HL
^-YT,MEST— AVAPR1UIM3
u
X
LU
03
31
in
=3
u
I
An Influential Role
In Managing Change
Two Appointments - Liverpool and Manchester
c.S24,000- £26,500
regulation ^,^r^!2inq at H.M Cuswmi Hnd ExC,'l* furopwn de-
two of Dtp cof¥nrt CofTipenn5 fof Quality initiative arc
concKxitng jo ttr exciting period of cx?vctoprrcnt drw crwtgc.
recruit n0lUWWy P^y a key roc arc we die setting ro
p lace additional firunTT PraVltfe 3 fresn COfTimef';‘,li P^Wtive and
fa^sCTnr^ * 1 « ' H*» appontments wrii t*
IBnW(^or?yeWI^Wtfel0(^fw.
Accountant - Market Test Support - Liverpool
™ ** Fww « tendering against
nai competitors to provide services. >taur role will be to co-ordmae txo
ttjjyjL JJ?Wl0 C,'pCfnM? and support to mrid/se Mam Expcftence <jf
tiudgcong and cusrmg will be essential.
Operations Accountant — Manchester
n,™ T* te invo,wd 10 inreTpfecing corporate accounts, preparing and
Piwenting accountancy seminars and providing guidance and support to
™™*in ,eam 'Ns « a key role and chaaenging pew non wheh offers inc
opponunny k, subsrantiatiy affect HM Customs and Excise revenues.
For both pose we are seeking qualified accountants VbuV need strong
inter-personal skills. coupled with weU. disciplined financial and managemenr
accounting techniques
To apply for these professionally and personally rewarding positions,
P*ease contact Paid Goodman on 071-336 771 J /eveningsAveefcends 081-
44S 0666|. or Wine for further details and an application form to GMS. 2 Bath
itreet London EC f v 90JC Please enclose you CV 6 you have one prepared.
W Customs and Excise is an Equal Opportunities Employer.
Appflrattons are welcome from all sections of the community;
"eganfless of gemfc* reUgkm. ethnic background or disability.
HM Customs & Excise
Finance Director
A high caiibre manager with commercial awareness
and strong technical accountancy skills gained in
on engineering/manufacturing environment.
£33,000 + car
Mid-Kent
Our client is a well established and successful engineering business with a current turnover
of around £15/20 million. This appointment wilf take full responsibility for the total financial
and management accounting support function to the business, heading up the existing, good
quality team of accounting staff.
The prime responsibility will be to produce timely and accurate financial and management
control information, upgrade the costing systems and oversee the development of the
computerised accounting activities. Cash management is a key task in a complex contracting
environment.
A hands-on approach is essential and the position needs a strong person who will contribute
meaningfully to the management of the business, effectively monitoring cost of sales,
margin, overheads, profit and bottom line performance. Candidates will be aged around
30-45 and be qualified accountants with a background of experience in a medium
sized engineering business where cost control has been a major business
consideration.
New Appointments Group
Sefaf, lint mm]i(«h«ailra, cwmz dtUlls to Now Appointments Croup,
PuuB&ol Jk Recruitment Consultants, Thu MG Business Centro, Sunk
Chambers, 1 Central Reeane, Sittingbonnie, Kent, MEIO -UGE. Telephone:
(OT95) 424387. Pleas* list separately those companies to which your details
should not be sent.
Chief Internal Auditor
Managing Internal Audit in a unique ,
technology driven company
c. £40,000 + Car + Financial Sector Benefits
Edgware, Middlesex Relocation Package Available
KAt .S is ihc l.irgot ;m ton mitt I Clearing
7 i< ftt.se- in i lie immM. If j>nnriik» on bclialf
utiis ownci.s. the IJK. Clearing Bunts ami
suinc ol i lie major Building Societies,
Kiwi unlit Funds ’I r.uislei services,
in I fit*- it |imccs««l appruxi mutely I.U
hiHioii (r.msaciiuiis fc/ruwr tiO.IWW its cis.
Inieriial Audit wit I tin RACS has a high
[ii-uiife and |>nn'iib an influential lunctinn
in Mi|i|nti i die Ko.u d and executive in
ensuring die iKle»ju:wy ami ellcilivciiess
ufthe systems olYontrrjI. Sperilit:
res|»>i lsi hi lilies include ilevelnjimci it life
e>« fe m u fils in ensure flint software is
developer! in amntUuicu with cnni|Kiny
siaiidards. operatinnal audits in technical
and non lerlinical areas. aiul post
iinpleiuemaiiun ix- views of major projects.
RACS Ls now seeking a pn/fotfional with
proven ex]»ei ieiu.e in managing iiu Internal
Audit liiucuoii who will provide si continued
high level seivice lullinviiig die retirement
of i be i unci H iiuiiniU.ni. Applicants should
lie pisileshioi Killy qualified with experience
ii.veriiigU.di Inieriial Audit and data
processing wiih tlie emphasis on technical
experience within 1>H rather than iinance.
The successful applicant will rc|Mirt directly
to the Chief Executive aiul have direct access
to the I'liairiiKiu uf the Board.
IcHiling a miiliidiscipliue team where
emphasis is placed on .standards, iniinitig
and pmlcssiimui tlerclopnienl, this is a
bn unify U/sed role requiring l/isii iveJJ
developed technical and general
management skills and ihc ability lo
contribute lo the success of BAl'-S. In muni
li.r your commitment BiUS is able to oiler
generous benefit * that include a relocation
package ir necessary.
For liirdier deUtiLs and to apply,
please contact Adrian Simpson ACTA,
at Barclay Simpson Associates, Hamilton
Mouse. ! Temple Avenue. Victoria
Kmlxinkincm. London, K(MY Oil A
Telephone 071- MM LT/OJ.
FT/LES ECHOS
are organizing an open competition, based on tests, to constitute a
reserve list of (m/fl
AUDITORS ■ COMPUTER AUDITORS (A7/A6)
tSfiMS
ore^S^^un^Manguage and a sadsfactorv
wtedge of a second;
eram^ie^'rourse of unheRltv educadon and oDtalned a fun degree or Its
HELe-air graduate-level experience since obtaining their university degree or
oma relevant to die dudes of the competition.
jropeancommunlty is an equal opportunities employer and pardculany welcomes
ste.isffom obligatory application form contained In the official
iu“ m Bssmw be obtSned only by wddng on a postcard, mendonlng
one of the following addresses.-
421J00 BRUSS6LS
BSJON OF THE ^“^Ste^LONDON SW1P3AT • Northern Ireland: Windsor House
"m »uKtobSCIF WE EUKOPBW COMMUNITIES
Sb AtSe de Gasped 12 -L-1615 LUXEMBOURG
SgjggSSBB^ WSTMXRXED NO LATER THAN W
THE COMMISSION AND THE COURT OF AUDITORS
OF THE EUROPEAN COMMUNITIES
appears every
Wednesday &
Thursday & Friday
(International
edition only)
For further
information
please call:
Andrew Skarzynski
on 071 -873 3607
Mark Hall-Smith
on 071-873 3460
Tricia Strong
on 071-873 3199
JoAnn Gredell
New York
212 752 4500
Philip Wrigley
071 8733351
Elizabeth Arthur
071 8733694
Clare Peasnell
071 8734027
FINANCIALTIMES
n (ready a highly successful inrmroiionjl company
Eb9I renowned for its European interests. Bowatcr Windows
is poised to make further significant investment into the
Czech Republic.
This investment will create an exciting opportunity for a young,
ambitious, commercially-oriented qualified accountant.
Reporting to the German-based Finance Director, you will initially
be responsible for the rmplemenuijon of cash and credit control
management procedures and a fully computerised accounting
system. You will then assume leadership of all on going financial
anew
financial
controller
Package Guide C£30K,
car. bonus, benefits 4- relocation
in a new
management projects, ineluding the development of
management information systems responsive to the
company's front-line commercial needs.
The attractive benefits package reflects the
importance of the positions and the high calibre of
applicant we are seeking to attract. It includes a company car and
assistance with relocation and accommodation, in a region with an
exceptionally low cost of living. Available on either a permanent
or 2-year contract, the position is based in an attractive location,
dose to the Austrian border.
In addition to 3-5 years' experience in a similar position, ideally
including scur-up experience on a greenfield site and an
understanding of international accounting principles, you wiD
require a good understanding of computerised accounting
systems, the use of PCs. and first-class communication skills at the
highest level.
However, the qualities which will distinguish the successful
applicant will be awareness of the sales/marketing implications of
republic
financial systems, a flexible, open -minded, customer -orientated
approach and the ability to roll up your sleeves and cackle the
demanding challenge that lies ahead.
Fluent Czech and/or German would be a distinct advantage.
If you possess the right blend of financial expertise and business
acumen, you can expea to become a priceless asset in our
continued European growth, with exceptional opportunities for
career progression within the group.
Please apply in writing with full CV to Julie Towers.
Riley Advertising (Birmingham) Ltd.. Centre Court.
1301 Stratford Road. Hall Green. Birmingham B28 9AP.
quoting reference number 317576.
BOWATER WINDOWS
I
Accounting
Expert
at the Ministry of Finance,
Government of Poland
Department of Accountancy
(Contracting Authority)
financed under the EC PHARE Financial
Sector Development Programme
n Tasks
The advisor will provide assistance and advice in
the following main areas:
Preparation of Accountancy Legislation
Preparation of guidelines on specialist
accounting subjects, including consolidated
financial statements, inflation accounting
and investments
Preparation of guidelines on all major aspects
of cost and management accounting
Preparation of guidelines for public service
accounting
Preparation of guidelines for the external and
internal audit of enterprises
Building the capacity of the Accounting
Department through human resources
development
m Qualifications
The adviser must possess (or have ready access to/
an excellent knowledge and experience or the
following:
The accounting and tax requirements and
practices in the EC member states
The accounting standards applied in EC
member states, the International
Accounting Standards flASC) and the EC
Fourth Directive (and subsequent updates)
Specialist technical accounting matters, as
consolidated financial statements and
inflation accounting; cost and management
accounting; public service accounting
International auditing standards
The training and development of accountants
and auditors.
Fluency in the Polish language will be an
additional asset.
The contract is for one year with the possibility of
renewal.
Please write enclosing a full C.V. quoting reference
P 9108-9, to Dr Waldemar Maj, President of the
Foundation for the Development of the Financial
Sector (Executing Agency), Ministry of Finance, uL
Swietokrayska 12. 00-916 Warsaw, Poland.
FINANCIAL DIRECTOR - AN EXCITING
CHALLENGE IN HOUSE BUILDING
We are a commercial and residential property group with
substantial funds available for expansion, we have within the
group a housebuilding company, established over 25 years,
specialising in quality residential development in South West
London.
The company <$ very strong In construction management and now
requires an enthusiastic young Financial Director to spearhead the
financial planning and management of this expanding business.
A proven track record of success In the property/housabuUding
Industry is essential, together with the enthusiasm and drive
necessary to make the company a market leader In its chosen
area of operation. As well as normal accounting duties, Individual
and team Involvement will include site appraisal, programming
and funding.
Reporting directly to the Managing Director, the only limit to your
personal growth wDI be your own ability.
with one of the leadir
If you are a young but senior manager
names in property/housebuifding ana se
freedom to prove you can meet the challenge, impress us with
your detailed response today.
iding
seek toe opportunity and
lain Ramsay, Group Managing Director
Action international House.
Crabtree Office Village, Egham
Surrey TW208RY
Aism_en\ propstty mraoumoN puc
Finance Director
Berghaus Limited, recently acquired by Pentland Group pic, is the fore-
most producer of specialist mountaineering and outdoor clothing and
equipment in the UK.
The Company wishes to appoint a Finance Director, based in
Washington, Tyne and Wear, reporting to the Managing Director of
Berghaus and having functional responsibility to the Group Chief
Accountant of Pentland.
The position will carry full responsibility for the control and direction of
the finance function, with particular emphasis on statutory, management
and cost accounting, planning and budgetary control, management
information systems and intra-Group reporting and liaison.
The Company is seeking a commercially orientated, qualified
accountant, with a track record of successful management of the finance
function of a discrete profit centre , a thorough understanding of cost
accounting for progressive manufacturing techniques and the ability to
manage change.
The person appointed will have well developed inter-personal and
communication skills and the ability to build relationships throughout the
organisation.
A substantial remuneration package will reflect the seniority of the
position within a major pubiiciy quoted Group.
Apply in the first instance, with full curriculum vitae, to the Company's
adviser Hugh McVIcar of Macmillan Davies, Salisbury House, Bluecoats,
Hertford, Herts SG14 1PU, fax: 0992 589434, quoting ref. GM298S.
BERGHAUS LIIVUTED
(a subsidiary of Pentland Group pic)
Chief Financial Officer
BUDAPEST
SUBSTANTIAL SALARY AND BENEFITS,
COMMENSURATE WITH EXPERIENCE
The wholly-owned Hungarian subsidiary of a major multinational corporation
seeks a qualified accountant, fluent in English and Hungarian, to assume full
responsibility for the financial function within an import aru and recently acquired
operating company.
Reporting to the local Managing Director and to a Corporaie Controller, the
successful candidate will have n background I hat offers direct involvement with all
aspects of management and financial accounting, including balance sheet. P/L.
cashflow issues, treasury and audit, coupled with MIS skills and computer literacy.
Familiarity with the Hungarian culture is desirable in an individual whose
career is likely to have included experience in a Controller’s capacity within a
multi -product, multi-di visional European group.
A competitive and attractive remuneration package, with relocation expenses
us appropriate, is offered for a senior career opportunity in a fast expanding group
and in a dynamic business environment.
Please write in strict confidence to: Christopher Beale, Christopher Beale
Associates. 10 Carierei Street, London SWIH 9DP.
Christopher BEALE Associates
MANAGEMENT AND EXECUTIVE SEARCH CONSULTANTS
AfflemberortamDHich International
1 JHidon ■ Paris • Madrid ■ New York ■ Milan ■ Brussels
APPOINTMENTS WANTED
EXPERIENCED FINANCE DIRECTOR
Excellent track in medium sized European multinationals,
based in Brussels-Gent-An twerp triangle.
Fluent in English, French, German and Dutch.
Write to Box No. A4772, Financial Times,
One Southwark Bridge, London SE1 9HL.
32
COMMODITIES AND AGRICULTURE
Copper savaged by new
bout of heavy selling
By Kenneth Gooding,
Mining Correspondent
SAVAGING OP the copper
price continued yesterday on
the London Metal Exchange as
it crashed through the psycho-
logically-important $2,000 a
tonne level and slumped to Its
lowest level for five years.
Heavy selling, some of it by
the Chinese who were previ-
ously substantial buyers of
copper, caused the rout
Copper for delivery in three
months was S2.026.5O a tonne
at the market's official close
last night but dealers said the
price continued to fall and was
trading at $1,965 a tonne - a
drop of S1S5 or more than &5
per cent since Monday.
On the New York Commod-
ity Exchange by mid-afternoon
the most-active May copper
contract was at 88.10 cents a lb
($1,942 a tonne), the lowest
since high-grade copper futures
were first traded in 1988.
Mr William Adams, analyst
at Rudolf Wolff, part of the
Noranda natural resources
group, said copper might now
breach the $1,940 reached on
the LME in February, 1988.
“But without question it is
over-sold and we must expect
the price to bounce back.”
Traders bad expected the
copper price to be volatile this
week as LME options were to
be declared yesterday. In the
event, about 5.700 lots of cop-
per “put” options, equivalent
to more than 143,000 tonnes,
were exercised, traders said.
an unusually large number.
Mr Adams suggested, how-
ever, this was widely expected
and “was in the price." Brokers
had seen copper's price Calling
from $2,400 since the begining
of 1993 and taken action to
manage the risk.
Mr Euan Worthington, head
of the mining team at the S G
Warburg financial services
group, said that most copper
producers would still be profit-
able at present price levels.
New technology used to pro-
duce an increasing tonnage of
copper was driving down the
industry’s average cost of pro-
duction. "The price would have
to drop a long way. perhaps to
60 cents a lb [$L322 a tonne],
before there would be any seri-
ous copper mine closures."
LME acts to contain VAT row
By Kenneth Goading,
Mining Correspondent
A FESTERING problem for
London Metal Exchange trad-
ers and their clients over
changes to the European Com-
munity’s value added tax regu-
lations erupted yesterday when
the exchange temporarily dis-
enfranchised its warehouses in
France,
A decision to change the
Community rules was taken
late in December and this took
effect in January. The new reg-
ulations implied that VAT
would have to be paid any time
metal of European origin
changed bands in the EC, even
if it was not removed from
warehouse.
Although the VAT could be
reclaimed, the implications for
traders’ cash flows were vast
One trader estimated his
organisation would have to
find an extra $100m for VAT if
the rules were not changed.
Traders reacted by diverting
thousands of tonnes of metal
from Europe to LME ware-
houses in other parts of the
world.
The LME executive con-
sulted the European Commis-
sion, identified a solution to
the problem and has been put-
ting this to the authorities in
those EC countries where the
exchange has warehouses.
Agreement has already been
reached in the Netherlands
and Belgium, where the big-
gest tonnage of LME metal is
stored. Mr David King, the
exchange's chief executive,
said yesterday: “We have
already made substantial prog-
ress, . given the magnitude of
this problem."
However, he suggested the
French “are being less prag-
matic than the Dutch and Bel-
gians and so far have not been
inclined to change their rules.”
As it was the LME’s policy to
have its approved warehouses
open to all its listed brands of
metal without restriction of
taxes and duties, it would no
longer permit delivery of any
metal - whether from the EC
or elsewhere - into the French
warehouses in Dunkirk.
Dunkirk is not one of the
LME’s important locations.
About 5,160 tonnes of metal is
on warrant there compared
with l.75m tonnes in Rotter-
dam and 450,000 tonnes in Ant-
werp.
Mr King said contacts had
been made with the authorities
in Italy. Germany and Spain
but so far there had not been
enough time for the problem to
be fully discussed there.
US pork farmers await ruling
By Nancy Dunne in
Washington
US PORK producers are
waiting with some anxiety for
the outcome of their “extraor-
dinary challenge” to a US-Ca-
nadian panel whose ruling on
an American anti-subsidy com-
plaint. expected today, could
remove the approximately $18
a head countervailing duty
imposed on Canadian swine
imports.
The Americans have three
times gone before such “bi-na-
fiouaT panels, established
under the US-Canadian Free
Trade Agreement, and each
time they have lost This time,
said Mr Russ Sanders, execu-
tive vice president of the
National Pork Producers Coun-
cil, a loss could set a precedent
allowing bi-national panels to
“rewrite US trade law”.
Even so, a defeat would
mean only a stumble in the
otherwise forward movement
of US producers into a future
which once seemed clouded by
the fitness and nutrition crazes
of the last 20 years. Clever
marketing and judicious use of
US trade policy are paying off.
and the industry is surging
ahead of its competition and
past expectations.
This year production could
exceed last year's record-break-
ing 172bn lbs. Despite its wor-
ries about the Canadian com-
petition and the EC Third
Country Meat Directive (which
has slashed exports to Europe),
the Industry is confident and
promising to export more
aggressively than ever.
The Pork Producers Council
attributes its turn-around to a
little noticed 1935 “legislative
checkoff.” which let farmers
vote to contribute automati-
cally from each sale to a $35 m-
$40m marketing fund. The
Council’s “Pork - The Other
White Meat” campaign has
dramatically reshaped the
product's image and boosted
US consumer demand.
Exports overall were up
about 56 per cent in volume
terms, while imports were
down 17.5 per cent
In addition, the North Ameri-
can Free Trade Agreement
promises the possibility of a
young, more prosperous mar-
ket. 100m consumers strong.
Fox set
to reform
raw sugar
market
By David BtackweU
THE LONDON Futures and
Options Exchange (Fox) is
expected to announce on Tues-
day major changes to its raw
sugar market.
The present raw sugar con-
tract might even be closed, to
be replaced by one designed to
prove mare attractive to the
London sugar trade.
The Fox raw sugar market
has suffered a dramatic slide
in volumes over the past cou-
ple of years. Fox has tackled
the problem, including experi-
menting with screen trading,
but to no avail. Last month
volume fell to just 1,399 lots
compared with 4,384 lots in
March last year.
In January 1991, when raw
sugar was switched to screen
trading in a hid to boost vol-
umes, the contract traded
120,176 lots. By December of
that year volume had dwin-
dled to 24,157 lots and in Janu-
ary 1992 the contract was
taken off the screen and pot
back on the floor.
By then, however, London
traders were losing interest
The relatively young New
York market which attracts a
lot of speculative money, has
usurped London's role as sug-
ar’s international price setter.
Some critics have blamed
London’s decline on the failed
experiment in screen trading.
Others point to a decision to
make Cuban sugar deliverable
in London, which ruled out US
market players. Yesterday Fox
said that Cuban sugar would
no longer be deliverable.
However, the fall in volumes
has taken place against a
background of changes in the
underlying physical market
over the past decade. The Lon-
don raw contract was designed
with British Commonwealth
producers in mind. But now
much more sugar comes out of
the Far East and Latin Amer-
ica. At the same time the num-
ber of big traders in London
has declined.
Fox will keep Its screen-
traded white sugar contract,
which is in competition with a
similar contract on France's
Matif. Last month Fox white
sugar turnover totalled 38,395
lots, compared with 23,633 lots
in March 1992.
• London's International
Petroleum Exchange has
reported a 37 per cent Increase
in volumes for the 1992-93
financial year to 11.9m con-
tracts. Mr Peter Wildblood,
chief executive, said yesterday
that monthly volumes had
exceeded lm lots for the past
six months and “conservative
commentators are confident
that this trend will continue."
Australia rejects wool price plea
By-Kevin Brown m Sydney
THE Australian government
yesterday rejected calls for the
reimposition of price fixing to
increase returns to wool pro-
ducers bit by record tow prices.
Mr Simon Crean, the federal
primary Industries minister,
said calls for a return to the
floor price system abolished in
1991 were “nonsense - the gov-
ernment cannot salve the prob-
lem by artificially .fixing the
price. That is not the solution
to the problem - it caused the
problem”.
Mr Crean was responding to
calls by growers for urgent
action to reduce the impact of
a collapse in the national mar-
ket indicator to 412 cents a kil-
ogramme from nearly 550 cents
in November.
The market indicator, a
weighted average of auction
prices for 15 grades of wool,
stood at 729 cents before the
abolition of the 700 cents floor
price two years ago.
AuatmHan wsol prices
Australian cants per kg daan
650 - — -
1901/2
600 -~i
350 u,Miu«.n»w»ro
JASON OJfM AM J
SoyrcarAWG
Many growers blame the
slide in prices on a 3 -9m bale
stockpile of unsold wool held
by the Australian Wool Realis-
ation Commission (AWR.C), a
government-appointed body set
up after the abolition of price
flying-. The AWRC has resisted
growers’ calls for the stockpile
to be destroyed or sold to the
former Soviet Union, once a
major buyer of jtaitnHan
wool, on generous credit terms.
However, the Australian
Wool Corporation tAWC). the
industry’s marketing orgarusa-
ttaJA the option of barter or
credit sales open at its annual
meeting yesterday in the wool
growing town of Tam worth.
Mr Mac Drysdale, chairman,
said that a “crippling unbal-
ance" between supply and
demand was the main reason
why the industry was facing
“the worst downturn of Us
long, proud and tumultuous
history".
Production was expected to
total 794m kilogrammes in the
year to the end of June, com-
pared with average production
of 675m kg in the five years to
2985, when the industry was
consistently profitable, he said.
Mr Duysdale was careful not
to question the commission's
ipgai responsibility to manage
the stockpile. However, be said
the commission “could look at"
several non-commercial ways
of disposing of it. These
included barter trading with
countries where bard omrency
is in short supply: establishing
joint venture processing acui-
ties with such countries; and
using stockpile wool to fulfil
foreign aid commitments.
The wool Industry's prob-
lems stem from over-produc-
tion following a boom in Prices
in 1987-88. when the market
indicator (then calculated on a
slightly different basis) rose
from 7S1 cents to 1,289 cents.
Production rose steadily in
response to high prices, but the
market indicator collapsed to
just over 700 cents following
the partial withdrawal from
the market of the Soviet Union,
China and Japan.
At its peak, the stockpile of
unsold wool purchased by the
corporation under the floor
price system stood at 4.8m
bales, financed by government
guaranteed debt of A£2.8bn
and a 25 per cent levy on grow-
ers’ incomes.
Timber accord faces green pressures
By Frances WUBants in Geneva
NEGOTIATIONS ON a new
tropical timber accord to
replace the 1983 United
Nations agreement begin next
week in Geneva amid strong
pressure from environmental
groups for tougher rules on for-
est conservation.
The 51 members of the Inter-
national Tropical Timber
Agreement - who account for
virtually all the $7fibn world
tropical timber trade - will
also discuss a controversial
demand hum producing coun-
tries that non-tropical timber
be included in the successor
accord. This idea has already
been rejected by consumer
nations.
Producers will in addition be
pressing rich nations to share
the burden of tropical forest
conservation by increasing
financial assistance and facili-
tating technology transfer.
The four-day meeting, which
ends on April 16, is not expec-
ted to resolve the main differ-
ences between the two sides.
The UN Conference on Trade
and Development has already
scheduled a further negotiating
session in Geneva for June
21-25.
The 1983 tropical timber
accord, which came into force
in 1965, is due to expire at the
end of March 1994. Its 23 produ-
cing members, the biggest
being Brazil. Indonesia and
Malaysia, represent about 89
per cent of the world’s tropical
forests and about the same pro-
portion of world exports of
tropical timber by volume.
Japan and the European
Community are by fer the big-
gest importers among the 28
consumer members, which
acfAiiut. for about 80 per cent
of tropical timber imports.
The 1983 agreement aims to
ensure that the economic use
of tropical timber is balanced
with conservation efforts and
environmental needs. But envi-
ronmentalists complain that
the International Tropical Tim-
ber Organisation, which
administers the pact, has failed
to stop large-scale forest
destruction and degradation.
For their part, producers say
the 1TTO has been of little help
in promoting sustainable forest
development.
Initially, the main function
of the Yokohama-based organi-
sation was semi as promoting
research and development pro-
jects related to forest manage-
ment, exploitation and eco-
nomic and market information
By the end of last year, the
ITTO’s council had approved
179 projects worth SlSta.
But in the past two to three
years, the ITTO has paid more
attention to environmental
Issues. Its 2990 action plan
Includes giving priority to
arresting the decline and deg-
radation of tropical forests, and
in 1991 members committed
themselves to ensuring that by
the year 2000 all tropical tim-
ber exports will come from sus-
tainably managed forests. The
ITTO has also issued guide-
lines on sustainable forest
management and the conserva-
tion of biological diversity in
tropical forests.
Cominco modifying mill
to overcome shortfalls
By Bernard Simon in Toronto
COMINCO is modifying the
mill at its Red Dog zinc and
lead mine in Alaska in a fur-
ther bid to overcome persistent
shortfalls in production.
The Vancouver-based com-
pany said that changes to the
grinding circuit should bring
performance “close to” the
design capacity of 42,000
tonnes per month of zinc con-
centrates. Zinc recoveries
improved to 81 per cent of con-
centrate content in the first
quarter, from 73 per cent last
year and 65 per cent in 1991.
But a spokesman acknowl-
edged that further adjust-
ments, mainly to pumps and
pipelines, will be required to
bring lead recoveries to an
acceptable leveL Lead accounts
for about one-fifth of Red Dog’s
output
Despite containing the
world's richest zinc deposit,
Red Dog's operations have
been hampered since it was
commissioned in 1989 by an
unexpectedly complex ore
body.
A Toronto analyst said yes-
terday that Cominco “turned
the deposit over from the geol-
ogists to the Totne planners too
quickly." Among the unfore-
seen problems has been the
discovery of oxides, which do
not float and have complicated
the recovery of metaL
Rise of UK tractor sales
cheers equipment industry
By Andrew Baxter
TRACTOR sales in the UK rose
by 13 per cent In the first quar-
ter of 1993, raising hopes that
the equipment industry might
enjoy a better year after sales
reached a record low in 1992.
According to the Agricul-
tural Equipment Association,
tractor registrations reached
3,910 units in the first three
months of this year, up 13 per
cent on a year earlier. Registra-
tions for 1992 were 14.296.
Investment in machinery
had been running at very low
levels in recent years, leading
to a real need to reequip, but
uncertainty over reform of the
Common Agricultural Policy
and the Gatt negotiations had
held the market back.
Improved farm incomes last
year plus lower interest
charges on farm borrowing
have brightened prospects but
the real stimulus has been the
higher agricultural support
prices resulting from devalua-
tion' of the Green Pound, says
the association.
Mr Chris Evans, its econo-
mist, said there had been a
change of mood over the past
two months. Earlier, uncer-
tainty about the future seemed
to be the main concern for
farmers. In March, however,
there was a surge of orders.
The association remains cau-
tious on equipment prospects.
WORLD COMMODITIES PRICES
LONDON METAL EXCHANGE
(Prices suppSad by Amatgamatod Metal Tracing)
Close
Wevtaus
HigtVLow
AM Official
Ksrti dose Open ha* set
AkanHum. 98.7% putty 0 par tonne)
Total daly Wrnwr 35511 tots
Cash
3 months
1108A45
1130.5-1.0
1107.5-6.5
11305-10
11035(11035
113311725
110X5-LQ
11255*0
1132-3 160586 lots
Copper, Grads A (t par tonne)
Total daffy turnover 72575 tots
Cash
3 months
1333-s
1358-7
137&5-L5
14004-13
1131/1330
1357/1341
1331-75
135X5-00
1341-2 154534 lots
Lead (E par ferns)
Total daffy turnover 4,484 tors
Cash
3 months
270-60
2883-9.0
2783.75
286-65
278
20151285
278-825
284.75-826
291-15 19562 lots
NtafcN (S ptr tome)
Total daffy tornow 6,707 lota
Cash
3 months.
6000-5
6071-3
6030-40
8100-10
8005
80900020
0005-10
80805
00605 4358? lots
Tta (5 per tome)
Total daffy turnover 2570 Iota
Cash
3 montfB
56)5-25
5875-80
0600-70
5880-70
568013820
SMM
sess-ao
568500 8.940 tots
Zinc. Special Mgh Qrede (S per tome)
Total daffy tunover 11522 tots
Cash
3 mouths
991.545
1010-1
9&5-6
1014-5
1013/1003
991-15
1010-105
10125-13 69.462 lota
LME Closing QS rats:
SPOT: 1 J1S6
3 month*: 15063
6 months: 1.4963 9 months: 1.4919
MARKET REPORT
New York raw SUGAR prices were
at fresh session lows in heavy late -
trading. The market was under
pressure from the opening bell on
technical liquidation following
Tuesday’s steep decline. The
nearby May contract fell more than
0.5 cents a lb, touching a low of
10.81 cents a lb. London COCOA
and COFFEE prices looked set
to be winding down ahead of the
Easter holidays. Uncertainty over
whether the Ivory Coast, the
world’s biggest producer, would
keep its threat not to market its
mid-crop, especially given
speculation over its size, was
keeping prices under wraps,
London Markets
SPOT MARKETS
Crude off (per band FOaKMayl
* w -
(total
SlB.4T-8.44u ..ms
Brent Band (doled)
$10.66-8.68
♦0.03
Bum Blend (May)
51888-8900 ‘U03
W.TJ (1 pm esij
SM.34-0.37t/ <fl.Q5
Off products
(NWE prompt OWverr par tome OF
♦ «r-
piotSloti Gssoanc
6207-208
Gas Ol
5178-170
-i
Heavy Fuel Ol
377-78
•i
Hapftiha
SI 75-1 7B
♦as
Petroleum Argus Eaunwiro
Other
♦ or -
Gold iper tray 00*
3338/35
•15
Sffvw (per trav a&S
3815c
-7.5
Platinum (pot troy or)
S359J25
-3
PaRodnm Iper troy oz)
smes
-3.8S
Ccpper (us Producer)
885c
-4
Und (US Producer)
34.63c
Tin (Kuala Lumpur rnarfuM)
1455r
■aoi
Tr (New Yorlg
2595c
-15
3nc (US Prtowi Waste m/
82.0c
Cattle pve mshtf
13551p
.150 ■
Sleep (live wtaghW*
133.37p
♦aar
Pigs flrve weight)?
B3.02P
♦1.43 ■
tendon dasy sugar (raw)
S2832
-125
London daffy eu^v (white)
S2915
-3
Tale and Lyto export moo
£2985
-9
Barley (En^tah tee 4
C144.Su
Maise (US No. 3 yefcm)
Cl 715
Whan (US Dark Northern;
lira}
fttober (MaylV
60500
Rubber JJut)V
SI.DOp
RuObcr lKL RSS No 1 Apr)
2154m
-05
Coconut os (PhitopmesiS
S395.0/
♦6
Palm Off (Matfyoar9§
54125x
Copra (PnSpomealS
52625
-25
Soyobeom fUSf
Cl 75?
-2
Codon -A- index
6150c
Vlftnoops (84a Supori
357 p
£ a tanna witasG otherwise stated, p-penca/ta.
C^enta/Ib. '-rtnggll/Vg. y-Moy/Jun u-Moy. n-Apr.
l-Apr/May VLondon physical. SCIF Rotterdam. X
Btoan market dose. m-Maiyiian cenH/icg.4Shoep
prio« are now hre weigh! Mew * ctsnge than a
week ago. provfatanU prices.
dealers said. The weakness in
copper failed to unsettle the LME's
other base metal contracts.
Three-month ALUMINIUM touched
a fresh 16-month low of $1,125
a tonne before edging back up
to finish unchanged. LEAD and
ZINC continued to draw support
from recent mine cutbacks, and
closed steadier. GOLD spent most
of the day testing support on the
London bullion market, but SILVER
showed the most volatility of the
precious metals - fund buying was
prominent on dps but profit-taking
prevented any gain from being
sustained.
Compiled from Reuters
SUQAR
- London
POX
(S per toms)
Raw
Close
Previous
HkghLow
Aug
283 00
279.00
28350
Oct
25450
27750
254.00
White
Ctosa
Previous
May
28550
29650
301.00 28550
**9
287.00
30150
30150 28750
Oct
273.00
28S50
28850 27150
Oac
27850
28850
28350 27800
Mar
27050
28750
28650 27950
May
28650
29050
26850
Tlmovar Raw 27 (11) tots of 50 tannaa.
V«inB 2713 (4003) Pwto- White (FFr p*r tonne;
May 1571.76 Aug 160X20
CRUDE OO. - Hm S/bante
Latest
Previous
WghiLow
May
1857
18.78
1852 1850
Jtai
1857
1858
19.01 18,91
Jiff
1852
1853
1854 1858
1853
1859
1853
Oct
1954
1854
19.04 19.00
Nov
19.07
-
1907
IPE hdfflr
1857
IRIS
Turnover 15462(33809)
HAS
OL - BN!
8/tome
Class
Previous
Htfrtxmr
Hr
179.76
177-25
iBaoa 17750
17S5S
17*55
17550 77450
Jun
17455
17025
1745S 173,25
Ju)
17*50
174JS
17550 173.75
Hp
178-25
176.00
176.00 175.75
Bep
17B.OO
177.75
17&0Q 177.75
oa
10a 75
180.50
180.50 18050
Turnover - £2538) lots ol 100 tomes
WOOL
only aictton lest ol wool values Bits week
was h Hew Zetland and most ot *ae wool sold
ttiere warn « prices up ® X5ta taw than at
toe PTOvtam safcL CMy tvnMMnb ot Bis Mter-
«as aofcL the rest being held tack by
Brews al reserves ol their own. Ths Easter
"*esa m the aanng season stoned wttti Mer-
naHarqp wml imrfreto genertfy eatar md w«h
Ittto to indtaaa mas damn id would ta eUR-
aentto absorb auction oftmtags. Thb has a
dvfaaang afreet on trade ata prices through-
out the taousuy.
COCOA
-UadooFOX
CAome
Ctaoe
Prevttxis
«9h/Low
May
885
688
687 678
JU
697
699
701 691
Sep
m
713
711 706
Dec
729
732
731 726
Mar
740
752
781 745
May
783
768
784 780
Turnover 1589 (2679) lots ol 10 tomes
1CCO Indicator prices (SOfts per tome). Defy price
tar Apr 8 70S. 02 (99682) 10 day ewrage tar Apr 7
703*7 (702.17)
COWEE - London POX SAn»
Close
Previous
Hvgh/Low
May
888
873
898 874
JU
849
840
857 840
Sep
850
045
860 845
Mov
860
865
864 854
Jan
875
887
870
Mar
885
872
880 851
Tumover*88a (2901) lots ot 5 tomes
ICO Mtoator prices (US coots per petmto tor Apr &
Comp. (My 5062 (BOS8) IS day murage 5267
(S3.11)
POTATOES - London POX Eton
Ooaa
Previous
HtgtVLow
May
425
425
415 415
Apr
BOO
-
935 91.0
May
1005
-
1000
TUmover S4 (65) tots ot 20 tomes.
SOT AMEAL - London FOX Otom
Close
Prwrim*
HigtVLow
Apr
14450
143.70
144.00
Turnover 85 (150) toto ol 20 tomes.
nSMWT - LoKkar «»
SIQffndStt potot
Owe
Previous
Wgh/Lmv
Apr
1430
.
1430 1420
!4oy
1410
-
1410 140S
JU
1250
-
1250 1240
0 d
1355
-
1355 1350
BF1
147b
-
ftenemr 80 (C9
ONUM-laada
■ rat
Wrest
Cion
Previous
rtgh/Low
May
143.95
143.75
144,25 14345
Jin
14455
14455
144.70 14456
Nov
naeo
11050
110.75 11055
JW>
113.50
11145
11350
Mk
11650
•
115.00
May
11850
-
11850
Bailey
Ckse
Prevtous
MgtVLpvr
Nov
10950
109.75
10950
Turnover Wheat 148 (143). Barley 1 (155-
lianovar tots at 100 Tames.
■was-
London POX
(Cash 3N9s rwanQ pWg
CMOS
Prevtous
HgMow
Apr
1145
•
11*5
May
1125
-
1125
Jun
109.5
-
1095
JU
106.0
-
1045
NOV
1055
*
1055
Tunwvor49 (0) tars of 3,250 lag
LONDON BULLION MMKEr
(Prices svpted by N M ftothsehffd)
□old (boy ax)
S price
5 equWatorrt
Opentog
Morning to
A ttsmocn Hx
Day's high
Day's tow
336.70337.10
337.15
33&T5
337.70-33650
338.40336-70
221.795
222.101
Loee Ldn Mean Gold Lanffing
Rtae (Its US*
1 month
2 months
3 months
255 6 monttw 2.49
259 12 months 24T
253
Star to
pftmy ot
US eta squfcr
Spot
3 months
0 months
12 months
349.00
25355
25655
263.45
379.15
38155
38556
39155
cold corns
S price
E equlvatont
Krugerrand
Maple leal
33850-33950
34855-348.60
221.00-22350
New smereim 7g.oo-82.oo oz.oo-5«J»
mum options
MunMum (98.7%) Cals Puts
Strike once S tonne
htay
Aug
tay
Aug
1100
2S
54
6
13
1125
11
38
17
22
1150
4
25
35
34
Copper (Grade A)
Cats
Puts
1900
74
IIS
18
30
ISM
44
82
38
40
2000
23
57
67
73
Coffee
May
JU
May
JU
860
47
39
9
40
900
IB
21
30
72
950
6
11
66
112
Cocoa
May
JU
May
Jut
nn
7
32
22
36
725
2
22
42
50
750
1
15
oa
88
Brent Crude
Moy
Jun
May
Jwi
1SSO
.
_
17
1000
21
S3
11
30
1950
5
25
41
New York
OOLD 100 trey OZJ S/troy Qz.
does PreWoua Hlgtvfcw
Apr
3304
3379
3303
338.9
May
3395
338.6
0
0
Jun
339.7
3396
338.7
3378
Aug
3415
3408
3409
3303
Oct
3425
3416
0
0
Dec
343.7
3403
343.6
3*2.0
Fab
3465
3445
3446
343.7
Apr
346.7
3403
3*5-9
3458
Jun
3485
347.8
0
0
PLATJJfUM GO troy OB Srtroy OB
Ctoee
Previous
WghlUre
Apr
3615
364-7
365.0
3600
JU
3585
381.7
3606
3668
Oct
357-5
3605
359.0
3508
Jan
3503
3505
3576
3S8
Apr
3S8.0
3500
3SS6
8X5ER 5.000 troy OB certts/troy oz.
cans
Plwvlaua
MgtoLow
Apr
3809
384.6
0
0
May
388.7
3856
387.0'
3796 ’
Jun
3885
3686
3866
388 8
JU
3895
388.0
3900
3828
Sep
391.7
3905
3926
3858
Dec
3304
3945
396.0
3886
Jan
3809
3946
0
0
Mar
3993
398.1
385.0
3938
May
401.7
4006
3966
3956
JU
4 0*A
4035
0
0
»OH OHAOe COFPBt 2S500 to* oantsAa
Ctoee
Prevtous
HWLbw
Apr
8750
82.16
87-96
8780
Mm
8830
9260
6045
8686
Jun
88.75
8260
8086
8880
JU
83.15
93 30
91-75
8780
Aug
8956
93.70
9260
88,00
8«P
9000
94.10
SZJJ5
8880
Oct
9055
9460
98-30
9090
Nov
9070
94 86
OLaO
91.20
Dae
91.16
9550
93.40
9000
Jan
9146
95.45
9360
9080
CRUDE OR. light) 42500 US gas Vtarel
Lslast
Previous
MqMjOW
May
2033
20.30
2040
2027
Jun
2062
20.48
2060
2048
JU
2080
2068
2067
2065
AU0
2063
2083
2068
200*
Sep
2088
20.65
2070
2088
Oct
2070
2066
20.70
20£B
Nov
20.87
2084
20.89
2034
Dec
2084
2063
2088
2062
Jsn
2065
2060
2066
2080
Feb
206!
2068
2083
2061
HEATMQ OB. 42JJOO US gtfb. cantsAJS gab
latest
ftavtaus
HgtVLow
May
5825
5685
58.40
55.90
Jui
5585
55.08
56.10
55.70
JU
56.05
5582
&6-7S
S6.00
Ate
56.70
3652
56.60
56.60
Sap
5780
5752
5780
57.80
Oct
5685
5850
5855
5856
Nov
5960
5040
6950
5950
Dec
6040
8028
6065
6040
Jen
6075
6073
6075
60.75
Fab
0053
6053
D
0
COCOA 10 tomaa&onnes
Ctoee
Prevtoiu
rtgWLaw
(toy
901
894
903
695
JU
930
924
932
925
Sep
957
952
957
853
Oac
983
988
992
99?
Mar
1022
1018
1023
1021
May
1042
1038
1042
1042
JU
1082
1058
0
0
Sap
1084
1080
1085
1085
Oac
1114
1110
0
0
COITBL *C“ 37500taK centUtoe
Cbto
Prwtaua
ttytflow
May
54.45
55.75
58.40
54.30
JU
6020
S7J SO
58.10
5000
S«P
58.06
59 JO
5990
68J00
Doc
6085
82.00
82.70
0O7S
Ms
6355
B<30
84-40
B4J2D
Mey
6665
6030
66.10
68.10
JU
87.15
Bans
8&S0
STAB
Sap
06.75
0050
0
0
SUGAR WORLD -M" 1 124)00 to: cerastes
Ctaae
Pravtaua
HWlow
May
1080
11.47
11.38
1061
JU
11.18
11.89
11J0
11.17
Dot
11-04
1 1-54
11.45
11.04
Mar
10.52
11.02
1097
1052
May
1050
1089
1096
1050
JU
1070
11.03
11X0
1070
COTTON 00,000 esntt/tos
Ctosa
OiwIum
Hgh/Low
Utty
01-64
82.18
8244
6135
JU
02.40
83.08
83 J»
flP-gg
Oct
82.81
6120
63. to
• 62JS7
Dec
61.95
62JO
8235
81.80.
Mar
83.17
63.70
6020
6115
May
63.es
S4J0
0
0
JU
84JS
54 32
0
0
ORANQE JUICE ISjaoa to* COTta/lba
Ctoee
Pravtaua
HltfiAjWr
May
«L45
94.06
9X25
9000
JU
96.66
9096
9X20
93.50
Sap
9650
99.50
9930
97.10
Nov
10075
102.05
0
99-50
Jan
10336
103.90
IttLSO
ioi.oo
Mar
10536
105A6
1O4J00
104.00
May
10005
106.45
D
0
JU
106-06
10045
0
0
Sep
106-05
10045
0
0
Moacvs
"tolietwfBaawSaptambar 18 1931 « 10Q
Apr 7 Apr 8
mndi ago yr ago
1898.1 1703-6
17003 16309
DOW JONGS (Base: Dec.
31 1874 =. 100)
Apr 8 Aprs
“•Hi ago yr ago
Spot 123.42 123.79
FUtaes 128.07 127 Jg
117.04
12074
Chicago
SOYABEANS SJXO by mrr. canfe/SCtt? tasta
Ctoee
Previous
tttgMjow
May
5 97/2
5*W?
391V0
586/4
JU
802/B
505/B
603/2
594/0
Aug
605(4
. 598«
BOSK
567/0
SOP
608/4
80VZ
sown
SB8A3
Nov
611*
eosn
612/0
603/4
Jan
618/4
612/4
618/6
611/4
Mar
82SB
8200
625/0
man
May
629/4
604A)
629/4
627/4
JU
631/4
628M
831/4
826/4
NOV
dJSO
80SW
61 570
60® U
SOYABEAN QtL 60000 tax: cenlsto
Ctosa
Prevtous
MSgrVLow
May
21.72
2129
21.74
21 JO
JU
21.97
21 J6
2200
21.47
Aug
22.08
21.68
22-06
2181
Sap
22.15
21.78
22.15
21.72
Oct
22^8
21.88
22^6
21 SO
Dec
22.49
22.14
2260
22.00
Jan
22.60
22.17
2260
2209
Mar
22.B5
2? 17
22-65
way
May
22.70
22.40
0
0
JU
22.76
22^0
0
0
SOYABEAN me U. too tone; soon
Close
Prevtous
hagh/UM
May
less
184.9
186.1
1845
JU
187.2.
185J
187J
155-0
Aug
1882
188.6
188.4
1B6.9
S«P
1892
iters
1822
187J
Oct
190.0
1BBJ
190.0
188-3
Dec
192.0-
1904
192.4
1905
Jwi
192.8
1907
1901
191^
Ha
19 26
191 &
19X8
1020
MAIZE &000 bu not; centa/SHb bushel
Ctosa
Previous
Hgh/Lon
May
231/4
22072
231®
22B72
JU
237/2
23510
237/4
533/4
Sep
24116
239®
242®
238®
Oec
247/0
246®
246®
24644
Mar
254/4
263®
254®
252/4
May
25870
2S7®
256®
257®
JU
282®
2«V4
2002
Dac
2S3/4
2S2®
253®
252®
WHWT 5.000 to Irene wnWaMuAri
Ctaae
Previous
High/Low
May
344/4
343/4
346/2
342®
JU
313/2
310®
313/4
309®
S«P
317®
. 315®
SI 7/2
313/4
Dac
328/2
324®
328/4
323®
Mar
330/4
320/4
380*4
327®
JU
320®
320®
321®
320®
MVCCATTU: 40000 fce; canfNta
Ctoto
Prevtous
Ugh/Low
Hr
01.450
01.100
Jui
75.975
75.750
70250
7SJBS0
aub
72-325
7Z225
Oct
7X675
7X600
7X925
7X660
Doc
73-&SO
73.775
74.0WJ
73400
7X125
7X050
73.460 -
73.125
Apr
74^00
74-300
74.460
74JOO
UVE HOPS 40000 lb; osnte/tos
Ctaae
Prewous
MOU/Low
to
47.300
47.875
40.050
Jun
83.125
64X00
54250
JU
52.776
52.678
53.150
40400
50028
60260
44.750
44 900
44 JDS
46-050
45.000
Fflto
45.100
45.450
4X150
Apr
4X900
USKD
0
4X900
PO«C BELUK 40X100 toe; cants®,
Ctoee
Prevtaue
Hgn/Low
May
40525
00075
51.100
49X23
JU
40800
60600
S1.1S0
4*3.030
Aug
47-200
47.350
47.800
46,900
Feb
4X800
4X225
4X500
4X0/5
Mar
4X525
4X600
Q
4X625
May
4X800
0
0
q
JU
4X800
0
o
n
Aug
4X200
0
0
V
0
¥
¥
dji <>!
plea
%
ores
► true for N'jifs
pniviu industn
Cfl’i'-j-
financial times tu. _
— U ktS THr ^SDAY APRli s .oo.
LONDON STOCK EXCHANGE
FT-SE 2,800 tested in poor turnover
FT-SE ' Actuaries .'Share
By Terry Byland, . . .
UK Stock Market Ecfitor chaL>S^^ ^‘.^nnan tepur- however, London staged a At 508m shares, Seaq volume
A ivtc a nnnm Londnn 7c 7^iCh thinly traded technical rally at was down from the 538.4m
A DHAPPODJTTNCLY small arena fL^t the. the close, encouraged by an recorded on Tuesday; retail
reduction in money market har.% J*?-311 eas“B. Bundes- early gain of 17 Dow points as volume worth £Ll3bn on Tues-
repurchase rates in Germany on thi*!™ Prices New York opened. day indicated that genuine
deepened the gloom in theUK At , At ^e dose, the FT-SE index investment activity has
stock market yesterday, and ajwn r +vT touched was 10.1 down on the day at remained satisfactory, from the
the FT-SE Index bounced $i c Footsie, a net 2322.1. Trading volume barely point of view of the London-
uncomfortably on the 2 800 nnnJSL011* ^.day* lendinB moved in the final hour, bear* based securities houses,
mark before rallying weaklv in whn kT^P tQ analysts ing out comments from the Most of the blue chip sectors
late trading. ta a Fbotme dealing rooms that there bad continued to lack support.
A blue chip sector alreadv ihonL'I. aj?a “fore !on& ta been little strength behind the Among the much-battered
hurt by renewed selling of ^nce of selling pressure, late recovery in share prices. pharmaceuticals. Glaxo
Wellcome and tobacco issues " — — - —
took further losses after a TRADING VOLUME IN MAJOR STOCKS
At 508m shares, Seaq volume
was down from the 538.4m
recorded on Tuesday; retail
volume worth £l.l3bn on Tues-
day indicated that genuine
investment activity has
remained satisfactory, from the
point of view of the London-
Cogk fiirthar losses after a
sell-off in stock index futures.
Seaq-reported trading vol-
ume was thin, but dealers com-
mented that the retail busi-
ness, always reported one day
in arrears, has remained
strong as the market has
slipped by nearly 39 points on
the Footsie scale over the past
trading week.
Equities opened firmly as
renewed improvement in ster-
ling buttressed hopes that
domestic rates might be cut
soon. Reports that March had
brought the largest monthly
upturn in UK house prices for
four years also helped senti-
ment
But the early gain of 43 on
the Footsie scale was quickly
reversed when the June future
contract on the index ran into
sellers. Share prices then
drifted lower, with the setback
restrained by some arbitraging
against stock index futures.
However, the very modest
Wellcome
sellers
return
DRUGS group Wellcome lost
ground in spite of attempts
by the company yesterday to
staunch the recent blood-
letting.
Wellcome tried to counter
doubts about the effectiveness
of its AZT anti-Aids drug with
data suggesting that early use
could improve the chances of
survival. However, the attempt
appeared to fuel controversy as
investors, unimpressed with
the company^ arguments, sold
shares again on fears of
another round of negative pub-
licity for the drug.
The argument over the accu-
racy of the long-lasting Con-
corde trial was taken a stage
further as one . of the trial’s
senior researchers hit’ out at
the company. Professor Ian
Weller, the trial's principal UK
investigator, accused Wellcome
of “manipulating the data, of
the trial". Wellcome shares
dosed 23 lower at 688p. There
was some switching into
Glaxo, which rose 8 to 384p.
Gas strengthens
The best performance from
the energy sector of the market
came from British Gas after
the stock was given a strong
NEW HIGHS AND
LOWS FOR 1993
NEW MOHS (ML
OTHER HXED WTTRE3T (11 Mnd fflGuo
*10l BREWS*# (9 Wrtu MaralM& BUG
MATLS n Eperin. Mariw, Tmoc,
CONGLOMERATES (2> CMBfl (A Jceitttol _
fTl. CONTG & CONSmCM {BJ BMW*. 8«rtWl*y,
H/mOan-Saort. Mcftfcine t*A TMorWOMHM
aSCTWCALS H _
BJSGTMCTTY H) Narttom. Steboard. 8o«AH
Western. Vote. EU=CTROM«C8 (4)
OEG, Onuhwiv Macro 4, BRl OB* flt AM*
Cret* Equipment POOD MAHUF CB Golden
WriaTTtoatt. HOTELS a LB»
U&, M8CS BROKERS ffljw MSOLtfE
tl) Irish Ufa. MV THIdg (M| Attaint Mww
Dawn B Wta, An*gtt*i Smalta. BagaGWord
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Do Wtv Fto*. Jtfmttm* OoWU, for. 6
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29.
xokana tar ■ sdacdon c* Alpha mcuKm dratt Onutfi ttw SEAO ayawm ymrada* und 4JMpm. Tradas 0* ona mBon or mora am
boost at the annual oil seminar
given by Kleinwort Benson
Securities. The broker’s bullish
presentation on Gas drove the
shares up to an all-time high of
3l3p before profit-taking left
the stock during a net 3 ahead
at 310%p.
British Gas was the Klein-
wort oil team’s prime buy
recommendation, with the bro-
ker highlighting Gas’s growth
potentiaJ over the next five
years. “Gas's upstream arm
will transform the company
over the next five years,” said
Kleinwort's Mr Paul Spedding.
The broker put a valuation
of £5bn on Gas's upstream divi-
sion. and forecast a startling
acceleration in cash flow gen-
erated by the upstream arm
from 1994-95 onwards as many
of Gas’s North Sea projects are
developed and move into pro-
duction. Mr Spedding esti-
mated that cash Sow would
surge from 1993’s £100m to
above £lbn by 1997 and that
the division should provide
some 30 per cent of Gas’s prof-
its by the turn of the century.
Kleinwort also focused on
the increasing importance of
rising unregulated upstream
earnings which should give a
push to Gas’s price/earnings
multiple. Regarding the MMC
review, the broker "does not
expect a tightening of the regu-
latory regime".
Rothmans hit
Worries over the prospects
for tobacco groups in particu-
lar and the value of branded
goods in general spilled over
into Rothmans International,
the “B" shares falling 27 to
6I5p.
Rothmans does not sell ciga-
rettes in the US and would not
be hit by the recent announce-
ment from Philip Morris of a
price war. However, analysts
said Philip Morris’s decision to
drop the price of its Marlboro
brand had prompted the mar-
ket to look at companies with
any cigarette exposure and
also group’s with highly valued
brands. Rothmans markets lux-
ury goods under the Dunhill
and Cartier labels. BAT Indus-
tries, whose shares were sav-
aged by the Philip Morris move
last week, declined 6 to 874p.
Doubts on Reuters
A presentation by Renters’
chief executive prompted some
analysts to take a somewhat
less enthusiastic view of shares
in the electronic information
group.
Mr Peter Job, at a presenta-
tion late on Tuesday, cast
doubt over the anticipated
bonus to shareholders from the
company’s £700m cash moun-
tain. He also said prices for
some of the company's services
would be held down for the
next year.
The media team at French-
owned investment house SGST
said it “found no reason to
change our view that the stock
Is expensive" and reiterated its
sell stance at the morning
meeting. The shares lost 15 to
1330p on turnover of L3m.
BP’S recent excellent run
was halted in midsession when
dealers picked up hints that
EQUITY FUTURES AND OPTIONS TRADING
STRONG two-way business in
index options boosted total
turnover as London’s deriva-
tives market announced the
introduction of eight new
equity options contracts,
writes Joel Kibazo.
Having been in the doldrums
over the previous two ses-
sions, business in the foaded
options showed a
improvement and turnover by
the close had reached 3&8I7
contracts. Some 10,762 lots
were dealt in the FT-SE 100
option, while the Euro FT-SE
option was also heavily traded
at 9,218 contracts.
la the stock options, Asda
Group was the most active
With a total of 5,994 contracts
and was followed by Hanson
at 2,507. BT and Hillsdown
were also heavily traded.
FT-A Alt-Share fnefex
1.450 —
Equity Shares Traded
Tumorar by votuma (m*on)
Deducting; Intra-markot
bustoss & Overseas turnover
Sowce: Databeam 1SS3
the latest well, an its Cusiana
project in Colombia, was dry.
The oil field, discovered last
year. Is BP’S biggest find since
Forties, in the North Sea, and
Prudhoe Bay.
The Cusiana speculation
pushed BP down to 3QZp before
it dosed only fractionally off at
306p. Turnover was an unre-
markable 6.7m shares.
Lasmo came under renewed
downward pressure as the
series of post-results meetings
with big institutional share-
holders - many disillusioned
by the results and dividend cut
- continued. Lasmo eased 4 to
154p on 2£m traded.
Sun Alliance rose strongly
ahead of today’s preliminary
figures, closing 12 higher at
354p, mostly reflecting a stock
shortage, according to dealers.
Analysts expect the group to
reveal domestic mortgage
indemnity losses of around
£200m, leading to pre-tax losses
of between £l40m to £l65m.
GEC, boosted In recent
weeks by a series of bullish
broker circulars, delivered
another strong performance,
with S.G. Warburg said to have
been one rtf the keenest sup-
porters of the shares yesterday.
They closed 6 up at a 10-year
high of 323p on good turnover
of llm.
A buy note from James
Cape! on Marks and Spencer
was the highlight of a dull
stores sector, although the
stock gave up some gains to
close only a penny firmer at
339p. Elsewhere, Kingfisher
continued to respond to recent
positive broker comments and
added a penny at 582p. Dixons
put on 2 at 21 Op after announc-
ing the sale of its Supasnaps
chain to Sketchley.
Food retailers bore the brunt
of negative comment over
Tuesday's results from Tesco,
with fears of a price war wor-
rying some. Tesco shares tum-
bled, but managed to rally
towards the end for a net loss
of 3 at 229p. J. Sainsbnry
slipped 8 to 464p, Kwfk Save 10
to 742p and Argyll 6 to 326p.
One reason why the sector
has been under a cloud was
evident in figures from NunUn
& Peacock, with an upbeat
view of the group's Chib Ware-
house concept, the US-style dis-
count store scheme currently
worrying food specialists.
Together with good figures,
this sent the shares forward 9
to 218p. I
A gloomy drinks sector was I
further clouded by a cautious
statement from Hemeken, the
big Dutch brewer, which
announced results yesterday.
The group said the European i
drinks trade was “one of stag-
nation without any likelihood
of a substantial improvement
in the short-term." Predictably,
the worst casualties were
stocks combining international
exposure and famous brands,
namely. Allied Lyons fell 12 to
558p, Grand Metropolitan, 8 to
418p, and Guinness, 14 to 464p.
Hotel stocks stabilised,
despite Savoy Group’s report
of losses for the first time in its
history. The tightly- traded
Savoy, in which Forte owns 42
per cent of the voting rights,
slipped just 2 to 738p. Analysts
said the figures were in line
with expectations. Forte shares
defied continued talk of divi-
dend cuts next week, and rum-
blings of a rights issue to fimd
any fire sale at the suspended
Queens Moat Houses, to surge
3% to 181p.
Defence group Hunting
closed 8 lower at 230p, after it
surprised the market with a 2
for 9 rights Issue to raise
£36.8m, as it reported full year
figures ahead of market expec-
tations.
British Steel remained under
pressure and the shares eased
1% to 78p. as several brokers
continued to urge investors to
sell the stock. Analysts fear
that demand for steel will con-
FINANCIAL TIMES EQUfTY INDICES
W 7
Aral e
April 5
Apd2
Aral t
Tar
too
•H*
• Lmr
2182*
2189*
21967
2223*
2223.1
1854.7
2299*
2124.7
4*2
4.49
447
4*3
4.43
4*0
4*2
4*3
8*4
8*0
BM
619
619
7*0
6*4
679
1658
1670
1977
20*5
20*5
17*2
22*1
1658
1627
18*8
1645
1693
1663
1679
20*0
16*7
130*
134*
132.1
1269
116*
111*
134*
660
OnL dh. vMt iE «J W to Ul
EMta yU % M BJ34 BS0 &2S 8.19 8,19 7.00 &34 5.79
HE (Sta nd 1158 1970 19.77 ISMS 2005 1702 2201 1058
HE ratio Al It® 16J8 1045 1183 1803 1179 2030 HLZ7
Sold Mn» 1300 1315 132.1 1219 1116 I1U IMS 600
•tar 1033. Ordray Mars index aino craiipidlon: high 22S95 108/33 • tew *M 2MMO
QoU Mtae» tadm since craraJMSan Ngh: 734.7 1S®S3- tour 495 2871071
tw. Odnray shore 1/7735; Odd Mhw 121DAS.
flnaary 3te» hM*» ehMiM
OpM 9qo 190Q tUO CUM ttSO 1466 1108 1100 Ugh Mm
21692 2193J 21811 2186.7 21793 21693 ~21 744 21606 Z1BZS 21916 21619
um JyrM7 yo 6 Ayn npri 2 Ago 1 Ynmao
SEMBorodB HSS Ss3» »S27 41.830 43,519 HB41
MMW - 1127-B 1051,0 14716 13119 932J
MsSEt «^13 46.796 50,439 52*24 27*95
am Watra# «U «U SSU WJ m*
f Bttdng HBMiiwfcd biabt** wmsbbb tamoMf.
LOBdoa npat aod fafeat Sian We*
Tal 0691 123001. C«Bs charged ti 38p/mhnti efeap rata. 48p at aM oft* Hires.
The Liffe yesterday
announced the Introduction of
eight new equity options con-
tracts, taking the number
traded to 70.
The new contracts are
Argyll Group, National West
minster Bank, Redland, Royal
Insurance, Tarmac, Tomkins,
Williams Holdings and Zeneca.
All with the exception of
Zeneca will be traded from
May 12. Options in Euro-
tunnel, GKN. Vaal Reefs and
Scottish & Newcastle are being
phased out
In futures, the June contract
on the FT-SE 100 opened at
2,843 and drifted lower for the
reed of the day to rad at 2,828,
down 17 From its previous
dose and at a 5-point disconnt
to the underlying cash market
Volume was 9,584 lots.
showed some recovery hut
Wellcome was again sharply
lower. Tobacco stocks, too,
remained under the pressure
imposed last week by the
decision by Philip Morris,
of the US, to cut cigarette
prices.
Some confidence was shown
in the building materials and
construction sectors, which are
likely to be the immediate ben-
eficiaries of economic recovery.
But doubts that the recovery
will be consumer driven were
reflected in lasses across the
brewery and distillery stocks.
Traders comforted them-
selves with the belief that
UK securities markets had
already slowed down ahead of
the Easter weekend, which
will shut the London markets
from tonight until Tuesday
morning.
But anxious glances were
thrown at the Footsie 2,800
mark, which many analysts
expect to face further testing
today unless there are more
positive factors to encourage
investors in the UK equity
market. j
Account Dealing Dates
M*r20 Apr 19
QpMon fecteto
Apr IS May B
Last ri.Mipr
Apr 18 Mfr 7
Account Of-
fer 26 May 17
tlnue falling. Turnover was
52m shares.
The reduction of profit esti-
mates by several brokers ear-
lier this week continued to
weaken BAA and the shares
closed 9 lower at 779p. GKN
gave up 7 to 449p, on worries
concerning the weakness in
the German economy previ-
ously a lucrative market for
the company.
A profits warning from dry
cleaner Sketchley sent the
shares felling sharply to close
14 lower at 96p. Accountancy
practice worries continued to
dog Morgan Crucible leaving
the shares to fall 9Vj to 277 7»p.
MARKET REPORTERS:
Christopher Price,
Peter John, Joel Ktoazo,
Stave Thompson.
■ Other market statistics,
Page 22
FT-SE 100
2822.1 -10.1
FT-SE 100
FT-SE M 250
FT-SE-* 380
FT-SE S&wKap
FT-SE SmMBp n In Trust*
FT-A ALL-SHARE
2 ButtSng MotvU^ZTt
3 Oontradhfc CSnstiatton®))
4 BecfilcahtiS)
0 WmrinrAtmpnM
FT-SE MID 250
3083.7 -3.7
FT-A ALL-SHARE
138S.01 -4.19
8 Metals 6 new Foraavpi)
9 MoHwaflti
10 oner MuartztBilQ
22 Bnwwn sod DteffleraJM*
25 F«8 MMWtKti*tno|22)
27 Haiti 8 H0USEMMC29)
29 Hotels ant Lebun(21)
30 MM&K33)
31 Pacfcagtao and PeaTM)
40 (met GKWPSCU2)
41 Bnafeym SmtaEsCT)
42 OwnteteCa
*3 Can0ofltanu*in
44 itampontiti
45 BcdrtcOtilQ
46 TsfapflOW MBMQrts^
47 WlUrtlS)
48 Maca8mHaa(32)
49 tnusnuLenepm
51 08 & toxin
so *sxr auBE oosyaoq
bi nuHCML omvn
62 Ba* ort
65 beuranea (UfeKEt
66 Imranc* (CmpasIsKT)
67 kausnee BrakttttIO)
68 MtKXM Bartaffl
69 nop*rtX2iO
70 Otar FtancMRS)
71 BiwMiMB TnntsCIOS)
99 FT-A ALL-SHAREPOQ
Hourly movements
FT-SE 100 28315 2836.1 28236
FT-SE MM 250 30876 30865 30846
FT-SE4 368 I40Gl3 1407.1 1401.7
Gross MdantiyUd (Tax aedK it 20%) FT-SE 10fc444%
FT-SE Actuaries 350 Industry Baskets
Bar's
Apr 7 change %
AprO
Apr 5
Apr 2
Vnr
m
Eanflnps
yUd%
Dhktoad
yWd K
m
Rado
M«1
ya
2822.1
-0.4
28362
2838*
399.9
23962
638
4.04
1198
31*0
30817
-ftt
3087.4
30908
31065
23274
8.70
3.79
18.B2
21*9
1401*
-0*
1406*
14064
14222
1158*
648
3*9
1972
14.40
153607
-63
1542.49
1545*6
1651*9
-
4*5
3.74
26*7
12.33
1545*8
-0*
155007
1554.10
156017
-
5*0
3*8
2880
16 16
138601
-63
1309.20
1392.18
H05.13
1144*5
5*7
197
20.10
14*4
91130
-62
944*2
94688
953*1
773*4
671
4.10
2691
9*1
961.79
+0.6
95688
90021
90080
92652
64Q
514
2625
4.85
847.75
+1*
839.1"
837*5
837.47
837.75
124
3*1
7619
7.01
2700*4
-0*
270692
2881.73
2093*7
2363*7
654
500
2296
1967
2671*4
+OS
2847*0
2631*1
2643*8
173602
5.93
Z9S
21.33
IO
33917
-03
340/7
341.73
344*9
33673
srw
422
2r*2
6(8
54*44
542*5
543*8
54759
470.42
7.18
691
17.76
5*1
36600
-1.0
389*4
37610
384.47
31362
4 74
3*6
3065
068
38741
-0*
389*9
391.00
395*5
30055
559
5*9
27 02
563
206614
-13
2095.46
211020
212641
1613*1
673
197
2143
32*6
162656
-67
1848*3
1649*1
1663.30
156123
709
149
17*9
1394
190178
-1*
1937.83
195060
1971.60
193605
647
379
1444
10,78
1372*2
-1*
138640
1402.93
1424*5
1212.43
7AZ
3.08
17.04
1605
asm
-1.4
2991*0
3017.88
305632
354.83
6E9
640
14*7
350
3359*4
-02
336025
3367*3
3381.19
4072.09
673
3*8
17*2
28*3
>28474
-0*
1287.08
129633
131 US
122642
617
4*9
21.66
a>.»
1897.71
-0*
1903*1
1908*4
1905.12
1475*8
630
2.70
2627
21.88
851*7
-02
853*8
854*3
8596S
722.18
629
642
19*4
are
1136*4
+0.1
1137.44
114277
1153*2
95606
ft in
60S
20.73
are
79604
-04
799*0
792.60
799.10
642.37
640
384
19*8
4*1
1488*2
-02
1492.48
149682
1515*2
1142*7
624
4*1
14.95
14.24
1587.19
-07
158620
160056
1BI2*7
1233.67
665
617
2183
4.32
144618
-07
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CURRENCIES, MONEY AND CAPITAL MARKETS
•nMESTHURSPAYAPRT.8.1^r
" I ~ |V«oMgV MARKET FUNDS
FOREIGN EXCHANGES
FINANCIAL FUTURES AND OPTIONS
Strong performance by franc
tfff UK »T HJIWB OPIUM
CSMxn mm of ins
ufr amo snks rawc omw
SFH IB prints of MM
Strike Cafc satUrnnantH Puts-mOrai rate Sbtta CNtt-waNrants PUte-sBfflBm«s
THE FRENCH franc continued
to perform strongly against the
D-Mark yesterday as dealers
speculated that the Bank of
France might cut its official
interest rates today in a move
to stimulate the French econ-
omy, writes James Blitz.
There was disappointment at
the start of European trading
that the Bundesbank had
reduced the cost of borrowing
wholesale funds in the German
money market by a smaller
amount than anticipated, mak-
ing it more difficult for France
to ease policy.
But the franc’s strong perfor-
mance in the first week-and-a-
half of the life of the new
French government raised
hopes that the authorities in
Paris might be confident
enough to cut their official 5-10
day lending rate, currently at
12 per cent.
The franc closed a touch
stronger against the D-Mark in
London at FFr3.3834 from a
previous FFr3.3840. Three-
month French franc interest
rates also fell to about 9.0 per
cent from 9.50 per cent, the
lowest level they have been at
since 12 November of last year.
The recent narrowing of the
spread between 3-month
French francs and 3- month
D-Marks shows the franc is
£ IN NEW YORK
shaking off the need to have a
premium against devaluation.
The spread was down to
around 120 basis points yester-
day, having been at 400 basis
points In January.
However, Mr Jonathan Hoff-
man, economics director at
Credit Suisse First Boston,
believes the Bank of France
may leave policy unchanged
today. He thinks that French
industrial companies, which
tend to borrow at the long end
of the market, are satisfied
with the recent reductions in
the spread between German
bunds and French government
bonds - and that this should
take pressure off the Bank of
France to ease policy.
Yesterday's cut in the repo
rate took only 4 basis points off
the cost of borrowing 14-day
funds, when the market had
been expecting a cut of at least
? basis points to around 8.10
per cent.
However, both the dollar and
sterling performed quite
strongly against the D-Mark
yesterday, in spite of the mod-
est size of the repo cut. The
dollar closed more than a 'A of
a pfennig higher against the
German currency at DM1.6155,
while sterling closed ‘/a a pfen-
nig Higher at DM2.4475.
Both the Anglo-Saxon cur-
rencies were boosted by a
revised figure for March con-
sumer price Inflation in Ger-
many, putting the year-on-year
rise at 4u2 per cent Instead of
4.3 per cent. This raised specu-
lation that high inflation might
not be such a strong excuse in
Frankfort for tight monetary
policy.
The dollar was also under-
pinned by expectations that
Friday's CPI figure for March
might show a rise in inflation
and a need for US interest
rates to rise. Sterling’s stron- i
ger performance was due to a
report from the Halilhx build-
ing society showing that house
prices had shown their largest
rise for 4 years in March.
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Furwaro premun* aid damns art U to US
STERLING INDEX
EMS EUROPEAN CURRENCY UNIT RATES
142.150 139.162 -2-tO X53 33
kSiPunt 1309998 0.796049 -1.72 2.14 &
Dutch GriUv 220046 216252 -0B1 120 IB
Mata ftm 402892 4911005 -05B 1J» 10
53£t 7J&294 1441GS -DM DM 6
Patuoura Esuda _ 1HJJB24 160-492 -007 0.45 -2
feaKHroM 7.4034 7.45020 0.13 024 -28
French Franc — 8.5MB8 857*68 038 <U» -48
Ecu central rat* m by *m Eoroomn ConmtaMa OwrerdB n In ttescemlpg itattn strangm. taeenoge
changes ntrEni pmOra change danotes a MX* curenc*. ttargonte toms Be ra»o MMn two
ccraOx on (montage iHHw*a Demean Be rikte mat and Ecu cento raw far ■ currency, and to
nwaiun penreoeu percentage iMHcn of to curacy's mono* rets boa he Ecu cram rats.
It7WSa tortng md tuBm ita suuxnM cn» EM Adfrauaani eafcuBDxs ny Fteanete tam.
POUND SPOT - FORWARD AGAINST THE POUND
Ecu
Cota
Raw
Cunncy
Anmto
Agtosl Ecu
™ 7
% Change
Mom
Count
Rate
% smart
» wofent
Cnroocy
amganct
Mato
14X150
139.162
-Xio
733
33
0809998
0.796049
-172
114
55
2200+6
2.16252
-OBI
170
IB
4X2802
4X0005
-osa
1M
ia
(ASM
J3416B
-058
DM
6
1SQJB24
16X492
-om
X45
-2
7.44934
745820
ai3
034
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6.549B8
6.57+58
038
am
-48
B30
am
AW.7
70S
Rmrtow
7X5
9 JO
am
BQ.0
795
1000
7S9
786
11.00
am
res
79.7
793
787
too
799
797
ZOO
7X9
786
3oa
B81
7M
795
400
pm
7X9
787
US 13(00 ■ 7.5225
Canada 1 80+0 - 1 .8185
tatortanda 2.7385 - 2.7575
M0Un 50 15 - 50.60
Dsoawfc 93775 - 8.4175
Maud 1-0005 - 1,0060
Genuarr 244Q5 ■ 2.4535
ftrtigri 228.45 - 22730
Snrta 174X5 - 175.70
13750 - 13160
15065 - 15075
17475 - 27575
5050 - 5030
04075 - 9.4176
13010 ■ UXEQ
24450 - 23500
235 as - zeros
175.10 - 17S40
CURRENCY RATES
BM* 4
Sprite "
Batumi
*1*7
ate
Drantag
%
H0B
IM
093490
1784990
USQrtri —
SOP
7.40271
130601
CantaS
8 63
U6620
152101
OuamaiSdi
700
159385
138641
BtokmRwc
7.00
40854
4X0005
1000
865777
7.45920
D-Mrtk
7.50
275085
184168
DutiiCirtdar —
700
25313
2.18252
FitaAftaK —
18
752886
X5745B
Kntan 1 kn
1150
223378
191827
LtaoraoTai_
550
158,773
137.401
rtamyKHM
-
959*0
X2S674
SpartttPBSto.
-
161.316
138162
SraftrtMom-
1150
1X7149
823254
SaWFiarc
un
2.07330
1.79153
liw* Orach — ,
IS
m
264937
In* Pint— —
-
m
0.796049
feaofc
Stetmrtani
Foj -
W1 JO - 242030 241225 - 241335
103975 - 104425 104300 - 1014400
83620 - 02906 02800-02900
113640 - 113240 11.6050 ■ 113150
171 3S - 17335 171.75 - 17275
17.18 - 1733 1720 ■ 1733
225JQ - 2.2500 22S00 - 23600
12510- 13815 12580-12590
EstanMed eokena total. cals 5483 Puts 3806
prwrtw day1! cm fe. Ceos 34374 Pria 51845
LFFE BMMAQC OPTOG
PBHa ptetei tdOBIt
Stum CaSe-sstUamen« Pum-BeWemente
Price Jun Sop Jib Sap
9225 0.63 1-51 0.02 0.01
32S0 0.41 127 0.05 0.02
9275 024 1.03 0.13 0.03
S300 0.11 080 0.25 fl.05
9325 a 06 0.68 045 0.08
9350 0.03 0.40 0.07 0.15
9375 0.02 025 021 025
9400 om 0.15 1.15 0.40
EahmaM wtume mat. Cafe 3590 Pub am 5
Prevtoue WTs Dpm U- CaM 108805 Put 72S52
LONDON PJFFEJ
9% WnONAl BgmSH BIT *
00 ms strm B IBHfc
Close Htgn Low Prav.
JIB 108-19 106-25 108-12 108-10
Sep 106-22 106-13
Stemmed eriume 25307 (23854)
Previous day's open to. 56373 (56744)
515^
SI 00200 32Bd» ri lECT
Ctaaa Nigh Low Pm.
Jun 108-23 108-25
Sep 108-15 107-17
Estimated raima 0 ID}
Previous days open tnL i ID
BS MUTTOBAl CEMMW con. BOMB ‘
MB508QI 10WW ef IW
Ouse Won Low Prav.
Jin 96.10 96.15 85,71 9554
Sep 8628 8625 9603 86.10
Estimated vobme 76735 (8S196)
Previous days open to 144752 n 53901)
Jun
Sap
Esdmatad Wfoma 4609 15175)
Previous day's open lid. 19583 (18734)
M NORMAL LONG TON JAPANESE 8BVT.
BUB nOOa IQOto af 100*
Close Httfi Low
Jib 107.85 107.BS 107.40
Sap 10727
Estimated volume 2380 (2191)
Traded wcduriwly on APT
12% mdhowl itaumi aovr. bcbd (btp) ^
lilt 2091 IQBIIn ri 100%
CJcsa Higft Low ftw.
Jun 9422 94.50 93.75 9X97
Sfe 9423 94.00 9420 8327
Estimated vriume 18525 {18571)
Pravttua day's opra bit 51896 (53104)
ioKMtnUL SMHSK 80VT. BOW (BONOS) ”
PNgfe HWferiMPtt
Ctose High low Prav.
Jun 91 SO 91.60 90.60 9128
Sep
Estimated vriume 196 (417)
Previous toy's open to. 5527 (5423)
ihsx Bunn siatiuffi *
att ffl potaa ri ioo%
Prise An Sap Jun *
9475 0.75 1.13 0 02 OJ
9500 051 058 0.03 01
8528 029 0.55 028 0.1
9ESO 0.13 0.44 0.15 0.1
9575 002 026 029 O'
9600 0.01 0.13 0-53 01
8825 0 a 06 0.77 0.
9650 0 0.02 1.02 0.1
ftttlBHtd HIM toed. Cto 0 pub 100
Pmkus ifet open ka. Ota 579 Rfe 2380
UFFE ITNJAN GOVT. 80BD (BTP) HKMBB ...
OPIUMS tto 288m I0W af 100%
Strike Ctfs-wttieraws Pifls-soHXununts
faihiabd nhene col cam 47B piib 503
fanfoui day1! open to Cede 12261 Pub 8005
US. TREASURY BONDS (CS7) 8%
$100,000 32nris Ot 100%
iffw bumj Funaffis opiwbs
agsajaigrit**1* ___
Stme cato-seowjw* P"****"!*’**
Pnx An Sap Jji
ggn 1^4 1.78 0.14 028
^ 085 1-40 025 0.52
9600 055 1.10 0.45 0.72
9650 023 02 5 073 DS7
9700 0.18 Offl 1«*
9750 a 10 0.48 1-50 1.58
9800 0.08 aw 1|8
SB9) 004 022 2.44 £34
EsdaaM n*ne Htd. Crib 9993 Rita K44.
Pi emus ■by’s opai to Oto B6058 rtd* 99365
um SHORT S1ERUW 0FTWK5
aoqjoo priori 87 W% .
Strike CriB-sstUemana Puto-aridamants
Price jun Sw Jm Sap
9360 0.7* 0l94 0i)1 007
9375 051 073 003 OH
9400 030 053 027 018
9425 015 0-37 0.17 02S
9450 008 025 ■ 035 038
9*75 004 016 058 OB4
SSnc 002 0.10 029 073
PStMC a 01 0.06 1.03 084
EriWarid nfcto IBtd. (» K»Pu»HW^
Pradun day's aptn n. Cdta HOOKS mt» W7M
Money Market
Trust Funds
Omsz
NH CAR KKCr
couttssa
ore* ^
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TteCOff ClwW” mis (Loodon) PLC Premier te
CariL Bd. o> Ho rt ol Engri^S Slooi-cm a» _ -js« ^ “Jl
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an ™^man SOeet *1P —
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gftraaiitoUBdon^gseo xoSI SS
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EftSf. \AM 1H E™ £10000. 1W* '900 6 781
® IS 3
1-63 3313
5 09 OB
561 Or
sou Q&
406 Ob
JAPABESB VH1 pMO
V12.5m 5 par Y100
latest HWi Low Prev.
109-22 109-28 109-08 109-12
108-15 108-18 108-05 108-05
107-10 107-12 107-00 108-31
106-00 106-07 108-00 105-28
104-31 105-04 104-31 104-28
- 103-28
- 102-29
- 102-03
- 101-12
■ 100-24
08786 airth 06752 0-B771
08787 OJ780 08780 0 8773
- CL87S1
Money Market
Bank Accounts „
ton h cm i
AS BKik HM WWW* Cheque
BBMesafa- isiTsl
ssssstr ..
^yski07 SSFJS
KaOta* Bldg Sob Awe* Helena CtapH Are
mtoRred. w«tw wcig« “J-.V5™.
10 SSST-P
zi.5 asssssg-i* g
OU £60000 end above — 1845
376 84»
4H *71
458 024
514 7U3
Mi Dtr U*
*71 1 Ott .
DQJTSCIiE UMW OMI)
DM 125.000 5 per OU
4P7l MB • —
5.11 1 MB £AO06
ffiS®
SCSI
0222:
IsT
4SSi
AX
UB
Ja.oo
A SOI
6.1*
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M®*4
4.50)
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6141
flBfyi Trap) Baafc Lid
cZLr SJ UefiB BWt BM ,071
U& TREASURY BILLS 0IM>
Sim pointB oi100%
Latest Writ ID" Pra»-
97.02 97.03 97.02 97 02
98.90 9691 96.90 96jq
9058 9059 96.56 96JB
BflmSN POHD (MM)
9b per E
latest hfoti Law Prav.
li05M 1J162 13060 15064
1.5008 1.5040 1.4980 1.4972
- 1.4894
SWISS FRANC OHM)
SFr 125.000 S per SFf
Latest Htgh Lew flrav.
0.6696 0.6718 0.6687 0.6^2
0.6682 0.6682 0.6675 OJ5670
- 0.6658
aeiso 06175 0.8148 061*1
01 6096 08102 06088 0.6088
- 0 6047
- 0^017
-nffiS-MONTR EURODOLLAR mm
Sim points ot 1 00%
SS S5 Lmv Rnw.
Jun 86.69 96-70 98^ 96.®
Sen 98J3 9654 9652 9652
dS sell 98.13 98.11 98.11
Mar 955* 9557 9553 9534
Jib 9558 9562 9557 9557
Sue P5.27 9550 9555 95.25
Oae 9455 94.68 94.79 9*J2
Mar 94.72 94.74 94.70 34.60
STANDARD 8 POORS BOO INDEX
5500 Ureas Indtac
KeSt iSgh law PrevT
Jun 44*45 44ZS0 441.90 44155
Sep 443JJ5 443.05 44250 44255
Dec 44323
444.45
7«fw2S W1-W33
— oi *t_
Mouczaai h.
W8CA IE2P01*).
Pander TESSA—
Acnrican Ecweas Bank Ltd
ascev Houto Bogeat M W15 SM
^ ^ S SS7,5foSSSS._ t»,rT*ti»i B6.4UI oa
ngSStj@SkEl-.lH! f JJ SIS JSS ImMirJSz:- ..13.73 4jizsIlbt»1 to
Bank at kriod Wgh Wureet Cheque Acc
3S-«JMg»aS»top.l ia . 07» s
EiOnaB* [4 26 tlBlI 4Jia|
qJmUbIZJUO 3.0001 40401
;•« «* "£ 158 ItoT#* Town Bd. Londoe NWS W.OTI-aB IMS
857 1 8.101 wwt? HLCA {E25«M-— Jl50 13751 45BBI IMy
Lkmts Bask - miPsau—t Account
MO 0444 232444 ^LO^ Si LaniWj ^ 3BS 0OT 43^72
£50/100 ml hnn i&dto 4J» S4ol m*r
tJ0 z 02 ■«£ «3o8ri_.— |6l20 5JJ0 Mr
138 £1 SaoooI:;n:T luo ami YWf
156 4JS Mol
3J5 5.12 cm flMand Bank pic
W US m PO BO* 2. SWfflefel 0743 52909*
421 UO m E«anB« ACC £5000’- 42S 3.10 «2S Italy
. . SoSS, 5.00 L7S MO Italy
t Cheque fee oMom 5® ■*.« sjo
0753 516616 Saowl AW 4.87 sf* *«*%
LIU 4Jraf to .TJ 925 ■ - 525 Italy
3.000 1 a oral » — -
SS
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Bank at Scotland
38 TtrtaBWto & H2P 2BI
m to ** nae«»~J 4.M
QSa»42«W |»B8
SZSQJXXh 1575
NatNest Cnrnn Heaarra ft
41 IMMBV. lota tCZP^BI
V60) 8*48 csoaoo V '18.W3
424 1 HA I25JWW:49.3W_ — 5 750
4.00 1 anti eioara iect4.gea... ISKg
un wn E2JXXM0L998 Utbo
588 to
5JS to
4 94 to
NattataMB BMfl See - Brafacutmeitar
PWLADBitBA SE US OPTIONS
£31,280 (cents per El)
SMta
Prtca
Aor
cafe
May
Jun
Sap
Apr
T
May
7/450
BOS
H.59
890
7.72
0.D4
0.49
1.475
4.09
4.63
5.13
828
812
1.01
1.500
2.09
X98
3S3
ASH
057
158
1.5Z5
0.74
151
£.53
3S1
1.71
80S
1.550
0.17
1.02
7.65
3-OT
3.60
4.76
1S75
ons
QJ56
1.07
232
591
6.74
1.600
D2Z
0.60
1.73
830
Wnorrnr CafflT ffl 4YB
SSsfSRlUS
“SaffliS?
SSSSSKSidlH i?S S g
KaoSi3!Z_rlw» 4«l 8001 Italy regvn^l HN. SH2 . 0800 6*0863
BaMawMmfetort H1CLA. coaKralw'^l 5 no
s&j&rr i*i "Sfg ssss^sg^.
E2jeo-cR»a— 250 iaa 2A2 to —
— aao im\ to FnriactN Bata PLC
D5JIOO*— . 380 2201 3«l to » AaMtv Bd. Wrtichan. ChBMS ,081-8289811
Brawn Srintav & Co Ltd wca. (rtaaw_J-*Jo »ent *»r »
FbuadssGiBrL Lririnnr. Linraii ecz D/I-60BS633 Doyri Bata ol Scotland pic Prtnfara Acc
UCA. — rTjLia 304375] |«T to 42 31 Andrew SaRfey<1t#BC2Vl 03T-CT 3X0
ntXDmnanaAX ID5.12J 204375) 510) to OOOOOt sJB> 1.75 »» to
B&aoO - £49a#9 *00 3.45 4.SB to
CMeduul/m Bank pic . emooo - £240»_ «xw a.on *05 o»
8 St Antrew Square. Eriritapu Etc ar. «H 558.8235 esaao -£9.890 2J» tta JM to
MCA 4.125) -I Italy £2000 - CAMS— — J 200 108 2JC »
CarirMraLU feu a PnapecAWiert Rntag
^rt^nvedMO 325 ^ « 76^ 4;g -| 4gj( jfe
, OSS 22905
-I 4.07 j to
- 5iil Mtn
m gjoww-wa,
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541 to
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MOO 883863
«» Htay
MO Italy
500 tarty
4 00 iwiy
300 naiy
Previous day’s open me CaKa 688.030 Puts 517.700 <A> currencies)
Previous day's vriume: Ca« 19200 Puts 16.654 (AS cunenoas)
7 ID 10 YEAR 10% NOTIONAL FRENCH BOND (UATV) FUTURES
CrnnwcM rein rifcen taonb ttw end ri London treriag. Sh-monto fomani dolbr 1JS-1 JMpm . 12 Month
L27-3.17pm.
DOLLAR SPOT - FORWARD AGAINST THE DOLLAR
Cbra
Htgh
LOW
Pm.
QPrtn
Sea prtca
Ctangg
HfQfl
Law
94.37
04 33
B4M
Juno
117.88
11X00
11750
84 33
94.3*
94 29
0420
Sepfentar
117.92
1 1B.02
+0J4
94.15
94.15
94.11
94.11
□gcsmtwr
117.6Z
(1756
40.10
1(752
11730
t nahf f Opan W
- 179,307
Brawn Stfetsy A Co LM
Fauna* Owl irittm. LandgHa D/l-flO
MCA 3-84375] 518
ntdOrnnaauAX D 5.175 084375) 519
Cafe JUten Ltd
2S Btrctt* Lww. L
l 6C3VBOJ 071-823 WM
400 331 IK a
BJW 325 517 tab
550 - 584 Mtn
1 J150 - 15160
15060 - 15090
15610 - 15631
15180 - 15170
3X30 - 33.40
62075 - S7I2>
15150 - 15160
19050 - 15070
4 Bap ita nta* to cun toarimn aril
nett) are not quad by fie IK. Sprat m WwL
t Easesm Cmrawwon CScridtara.
■ Al SOT Mas am to Apr5
CURRENCY MOVEMENTS
Guaranty
Changes %
Starting
U5 DMar
Austrian SCMItig ■
Beigiwi Franc —
Dansh Krona —
D-Mark
Swfca Franc
Dutcn Gritdsr
French Franc
Lka
Yen
Peseta .......
UKt — 1-5100 - 15225 15150 - 15160 0J5433qan 258
liriandf 15065 - 15180 15060 - 15090 il.SfMl.73qm 951
Canada 12575 - 12830 15610-15631 0.1B-052OI8 -150
NetwUrcJs 15050 - 1 8210 15180 - 15170 059-0 7?a*3 -456
arigfcm 3X09- 33.40 3X30- 33.40 lX50-M50a»s -£54
Dwunrii 6.1700 - 65170 65075 - 651® X75-4.750ltttS -951
Germany _ 15050- 15205 15150 - 15160 057-05BoUs -SOI
Pwmgd _ 14950 - 15055 19050 - 190.70 198-213olt -1657
StOtH 11555 -HUE 11555 - 1 16.05 106-113rIb -11.43
RNy 1584.75- 159436 1991.76 - 19B25S ,050-1 i50Hradb -859
Nanny 65380-65000 65825 - 65875 XOB 3.4O0WM -658
France 64415 - 64820 64650-54700 235-3. 1 Ckm -6.64
Sweden 75060 - 75870 75978 - 75625 450-4. GOaredn -4L74
Japan- 11160 - 1 1435 11X60- 11X70 par-051iris -0.05
Austria 115030 - 115500 11543 - 113475 425-450nwfe -453
SwUtakni. 1.4815 - 1. 4825 15680 - 1.4890 0554X0081 -3.14
Earf 13000 - 12090 (3018 ■ 13025 051-Ofllcpni 65*
Canmat raw iriewa loenOt Dm and a tendon kadty. f W. Wwd and Feu m quote) to US onwKy.
Farad prankm wsi tomunb wsriy b res US drier and rot to sw ucMduri cunency.
EURO-CURRENCY BfTEREST RATES
_ 1 am ( 7 Days I On* I Three J Si
EsL VOL (Me. flge. not shown] 20710 (19834)
Previous toy's open ML 288058 (287711)
iMOE 52m snouLAH *
Mb wtols ri 108%
dose High Low Pirn.
Jun 96.70 96.70 96.68 96.69
Sep 96.53 96.53 96.50 9651
Dec 96.12 96.12 96.12 98JK
Mar 95.94 85.95 95.94 95.69
EsL Vri. (he. tigs, not shown) 504 (1794)
Previous toy's open ML 17792 (17870)
THRS MONTH EUROHARK ;
DM ire Baton ri 100%
Close
Man
Law
Prav.
9X86
9288
92.78
9XB6
83.75
93.77
93.67
8X75
9422
9424
04.13
94 21
8455
9456
94 48
84.55
Esdmatsd vriuma 78 70S (58562]
PraMGUB day's Open ML 494806 (495383]
RMS MONTH B»
ECO ire prints at 1
Rrsvfous toy's open ML 17224 (17342]
Estimated vriume 138580 f Total Opan Mlerast 221,162
THME-MOWIH PtBOH HTIWIBS (MAH Q (Paris tefebetik offered rate)
Asia 9153 iTw +0.5 iv&i 91.73
September 9X61 92.B1 CUM 92JJ6 9X7H
December 9X30 9330 +0.01 933Z 9335
March 93.60 93.60 +0.01 93.62 9332
Esdmatsd wtume 37.071 t Total Open Interest 208,529
CAC-40 rorums (MATTF) Slack trakra
Aprs 2020.0 1995.0 -20.0 2025 0 1991.0
May 2038.0 ZOOBJ) -203 20363 20083
June 20293 T998.0 -21.D 2029 0 19943
September 204X0 201X0 -213 20*2.0 20213
EsUmalad vriuma 14.030 t Trial Opan interest 70,147
ECU BOND (MATin
June 11110 11X46 +0.46 113.48 11X06
Estimated vriume 1.992 t Trial Open Interest 10,187
OPTION ON UMS-TBUI FRENCH BOND (HAITI
Ojtosdria Bank HnUa Ssteflon fee
30 st Vtacwd Pwce. Gtoqov ei at. mi
eiaooo-EM^iM — IRat ns *
C3o.onu-awjflg Ut3 x it! *
£1DO,OQO-E190jas_.l 427 120 1 4
Cwdetoratkw Bank Unfed
Prtiwn Hoad, Stmnu. 90t JIM , K
worn wntatatak—Tias 321 r.
mbit me E23.CSSK. .Jaso *27 a
iRAtateaDjnb_1a.7& ui a
5 Vi ftml fte fl 7. 10 502 1 7.
IjmM A Co Ud
71-2*8+000 ZB-3aFrtBOta«cranaa.Bnari ' bbi
aim Mh Oooraalta 0+ 75 1561 04 83
3 S ss tss
ffl S tm^==mn 33e.l ssl
JS ULC Tratf Lfefed
5m lenriOunewtend ft. London wihtbl on
■T8* EJOjOOO-flOdwrvtae-.l7.75 LBll 7
oaflca-ien+wtata-. eso ato «
E29J300 - 1 Year >B25 8.18 1
W,0n-2S8(
111 7iSTs
B 888 6
9l -ll
0-248 7070
427 to
428 Ot
+L34 On-
737*4“' ERMUasiW
am Min „ . ^
(HM DreMoss Trust LW
PO 8wc13S.«Stwy SL Rowing RG1 3® 07M5SM11
rfivlw** 3941 S3£( to
X Here) Scbnidsr Wan & Co Ud
12D CneapsWo, London EC2V 80S 071-382 6000
Spool *x — ...Jejsw 430| *e.uf un
£10.000 and nm— 1825 «ral t«2ol MSI
I0DK
Stria
May
Crib
June
September
May
Puts
Jum
September
man
Low
Pre*.
115
3.00
X31
-
008
0.43
91.94
9154
91.90
176
-
XIO
256
.
017
006
9X64
9X77
92.79
117
un
1X1
-
014
035
on
3X20
9X17
3X18
118
041
0.71
154
047
073
1X7
93.47
3X47
9X43
119
0.09
030
089
1708 (1383)
Open M
17.034
18X070
82,691
1X151
134599
44.7S8
Soring 5>* - 5 I
US Mar. 3&-2II I
Can. war. 45y - 4%
Batch Grider. (1,-8
Setts Franc — __ *4| - 412
French Franc UPi - 10\
ttStan Urs 12'- - UP]
EsUmried vriume 51375 t Total Open Interest 468,050
t AD Yield & Open Interest figures era hr Ita previous day.
The Co-operative Bank
PO Bra aea Stomererara. u
rwa — „ ~ Jew
Itotaow- CM Brad Btatai
Ml Manats TS34
tatanta M - ra aw feta Si
tsojno* 5.75
Q5JJ00-E«a2flU 526
eio,aao-C242gg 4.76
re.ooo-ts^aa 325
Dp rer - kstat Mxm Botin
£50000+ *20
£1030tHM8A»S 430
ESJWO-E92W — MO
eum-£*38« zoo
E1-C999- — 130
ut 576 1 (Sly Westera That Mgb Herul Qriqus Acs
522 1 7.101 Italy The Maneyaawie. Wymndti ftl ISE 0T52 22+1*1
flSjOOO. _|52ti 4.13 561 1 to
£6.WS3-ei+SOT 1 525 1M SJS to
0345252000 CijCOD-C«2ee I 500 3.75 1 STM I to
4 '* WhriiMon & Sarah West Fkumce Pl£
4JS< 600 1 Mh 114 NnrateSL London ECl 7AE 071-6069485
I, «qtitoSowAocZlS20 4.131 56lT to
5331 8-4to
U3 WS
+ HI 1 6-5BJ1
STB I (M*w retTES- Om cnliKJta ita ri ntnta mriOa. not
IritenaHtf wartxandMkiwatMVri:
*26 e-toi teWRrti ri venal mmum ata rinrag «v Cmkcita «
4d4|6-M*i na* Bta «c<ta» Ujl ban CAR Gnw: isn arnmrtttMiu
502 1 B Ira to* accaiit ri coninaiang ol Mwap pare rare Ota
lot 10- (to moy a tar. itotaimtat tawri AW7. trt Or FmovoBcy
1 51 1 o-moi at team yaenii b crewad w tw acecwa.
Small cut in DM repo
THERE was a constantly
shifting mood in European
cash and futures markets yes-
terday, with various indica-
tions about when rates might
be cut in Germany, writes
James Blitz.
German markets had been
very optimistic first thing in
the morning that the Bundes-
bank would significantly ease
the rate at which it offers
wholesale Funds to commercial
banks. However, after announ-
cing a variable rate tender for
money market funds on Tues-
day, the Bundesbank said yes-
terday that the lowest accepted
repo rate for short-dated liquid-
ity was 8.13 per cent, and that
it was 8.15 per cent for 35-day
hinds.
UK clearing bank base lending rate
26 per cent
from January 2a 1993
This was a rather smaller cut
than the market had expected.
Speculation had been that the
repo rate would come down
from 6.17 per cent to 8.10 per
cent or even lower.
The repo announcement
firmed German call money.
The overnight cost of lending
D-Marks had fallen to 8.00 per
cent at the start or the day,
and was back up at 8.14 per
cent by the close. The duller
mood was also the result of a
net drain of DM8.1bn from the
money market in the
two-tranche deal. However,
dealers said the market was
still adequately provided with
liquidity.
Euromark contracts fell back
from their opening levels, with
the June contract dropping 10
basis points from its opening
level at one stage, to a low of
82.78.
However, the contract rose
to a close of KLS6 a little later,
partly helped by a slight
downward revision in the
German consumer prices
figure for March, from a
month-on month rise of 0.4 per
cent to one of 0J3 per cent This
offset fears that German rates
would only fall slowly because
of inflationary pressures.
Sterling markets were quiet
There had been rumours of an
imminent cut in base rates at
the start of the day, partly
because the sterling exchange
rate index touched the 80.00
per cent level for only the
second time since January 25,
the day before the previous
easing in UK rates.
However, the UK authorities
have made clear their
reluctance to ease policy for
now. Three-month money
closed unchanged at 5% per
cent and the 1-month rate
closed at 5V, per cent. There
was little difficulty removing a
shortage of E1.2Sbn forecast by
the Bank of England at the
start of the day.
Tta IMng rates are Ita arttumUc mum nundod to Ita nearest om-oMearih. ri the ted and
□dared rales tor Si Dm quoted » ita market by flue reteranw bankg at 1130 8jtl each wortdng
day- Tta banka are NaOonai Weawdn ita ftaik, Bata ri Triqio. Deutecta Rank. Braque Natana
da Paris and Morgan SuBranty Trust.
MONEY RATES
NEW YORK
LuncMnw Onemontti —
Ttaj month .—
Prime rate — — ... — . — 6 Tip-*- mreiBi -
Broker loan rate 5 Shmorah —
Fod.fimds — 2(3 One jwr
FodJunds at Mteyvenflan_ - Two war
Treasury BSs and Bonds
Three year 433
- Rve fm 5.20
2.98 Sevan year— 538
X13 10-year 636
X33 30-yuar G33
194
FUTURES &
OPTIONS ■
TRADERS
rrc.MVFTnrin.vT.iMi
(■uuniTiTivor.iiviri:
Si* I Lombard
Montta [Mtereacitlan
FiranMurt B35-820 B. 15-628 8.00-8.10 7.BS- 7,95 7.45-7.55
parte 1DI.-T0U gh-gfc I - J sV0*a
Zurich
Amsterdam—
Triq» —
Mtten
Brussels
ihMn
martNak Ofto
lOta-lO1* 912-94+
4 Vs 54-5**
7.87-6. DO 7.65-7.90
4^-5
732-737
11(1-114.
X\X-FREE+ SPECULATION
EV FUTURES
Tadrt(tatoOulilewhw')taH«ii«riBi(itoidaiaBM^
)ni.crtlMlctBdnan3ro*bnjRA5a>aal)714DS7ZU arwic
■am: 1C Index Pic. *F| | GravcnarGudau, London 5W1W MX
LONDON MONEY RATES
7 djja I One Three l Six (Me
noaca Month Montta Motrin tear
One Chart Equals One Hundred Stories
?;cM '.'.z—i 5 c?C!t l.brcri'Oi: ’J-'. European end l-:ctnz‘,i:r.z! Fpuiria
5iF chcr!;1). Currency enp FF c: Corr.T.o&Het pnd rP (PSr + bsrcf’Sili)
- far p;cifc:jisrs! InvciiDts/Irodc:! and opc'.Dnccd chcn jce5c;s -
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'' Tel: (c.-don 7! - 7 H 7 ! 7d (071 in 'J-,'] effex 71
SS BBC-:
Company Depaon
Ftee Rada Bag (Buy)
ECU Ltekad Ofe DOW
ECU LMkod Dep. BM
FOREIGN
EXCHANGE
CE
24 HOURS
Cdl ratrar £vf ranter tafiramstion
237 [ XBT 1 X09 [ 335
NO MORE DANCINGI
SATQUOTE™ - Your single service for real time quotes.
Futures * Opuons * Stocks * Forex * News * Via Satellite
LONDON +-71 329 3377
NEW YORK +-212 2696636 FRANKFURT +-4969 440071
27. 1883 10 Modi 31 . 1980. Sriion* !*** hOZB ax. Law Auftorfly
ri nouca, ritare ooran toys' Ita d Flnrace Housas toe Rate 6<g Men
» Itr aura el 7 toys nodes 5% p£.rCarWcrim ri Tay Draw (Sartai
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ACROSS
1 Central Car Repairs will take
it as wilfully disobedient (12)
10 Make bigger angler reposition
string (7)
11 Roving policemen wanting a
half-day back (7)
12 Decide to return about 55 mis-
chievous children (5)
13 May turn what Into a warning
device? (8)
15 Something newly introduced
by pub getting applause GO)
16 Moving right away from wine
(J)
18 Creep home before companion
<4)
20 If glum Anne dances; that’s
significant (10)
22 Engineers In back street
study remoulds (8)
24 Say return half is for bird (5)
26 Bring in container for article
made of day (7)
27 Coin thrown in vase depicting
fabulous beast (7)
28 Dodge one into green bananas
making illegal profits (12)
DOWN
2 When live news items include
this to excite (7)
3 Grating an Indian warrior Is
climbing into (8)
4 Manners In company? (4)
5 As good as Brown with a
horse, which takes time (10)
6 Confess now man's standing
up (5)
7 Ring us after new diet
becomes monotonous (7)
8 Gifted people? (13)
8 Sparkling Cilia, sitting
around having taken final
curtain (13)
14 (M)01* W^1 03116 openc<* Bhte
17 Before taking port to redhead
earlier (8)
19 Food supplier moved cart
before entering (7)
21 Desperate, look inside for the
sailors (7)
23 Covered in the thick volume
relating to morals (5)
25 Adjust for air (4)
Solution to Puzzle No .8, 121
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FINANCIAL TIMES THITRSTSav-
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WORLD STOCK MARKETS
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BHafixm 230x3
CHfetaergA 2B1
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t^nteoo , 784
Dan tanka B»nk__ 334*1
BastAstoDc TO
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Grata Nonflc 372
BSMSmB 1.110
■feta Bn* Reg 2S7
lartxaalOB 1.100
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NowNortB 546
Segtius Berae) A «50
SmmsBanmtB 435
Sqxrta&_ __ fry,
TapOmnMt 740
UnUtmrnaiVA 143
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L^KAJOO-Mt* 484.50
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LuMania MM 0040
MAN— 27850
MAN Pft 33B
Maiiuwran 25000
UarabrimVm 740
Mercedes HU 545
aaa
uuNKtinm*0ieai 2500
PWA 15100
PT*ps Kraitmun 515
Anau 517
Pnusng .34M
jtaetaeMam 051
RttokeneHO Berta _2fi0
Wwtnmeial Prf 17650
Wn«WB 30050
WWhWMIBPrt 300-30
Sctwlng JJZZZJZJ 760LSO
SehaialnoiLiHfca.322
S«nw» 635.50
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7t*»s»en 176.70
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VBOa 376
WBtf 239
VOam-Wra 310
Vho 3S6.BC
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WtamgraM 2SB.10
VMtoPrf- 720
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AQrtl He.
ABN Aim HeUng- 64.30
AEGON - 8350
Awnpf .. ■■„ 96.00
AK2D ~ — - 160.G0
MAEV D® Decs 7150
Beta Vfesaanen.uM.. 4250
CSU ......01.70
094 04L2O
CkWBKftjPer TSftW
□eerier oeg Rees 134.50x1
Fnktier Dep Race — 1350
Gennn 8450
Sfet Brae Dee Heem_ 4110
IHeM 190-90
HoMBeUn 230
Hoogavare Dop Ftocs 2&30
Htror Dougin 47
BCQrimd 114.50
n NatM Dep Rees. 5450
UUMNr. 0250
KIM 28.10
KNPBT 30
Kata PeHioM DpRca 38.10
NWIwl 23
MJ^wd-Ten Cate 77
Nuk Uer Bed Op Rea. 133.80
OeaVMdm 45.40
Pwte 2450
PoOrCram _____ 4130
HnOece ..10750
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toW BZICI, IflOLSD
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MWleraMDop Race. 87.70
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BraoB9BnA__ 08X1
Dpio M 91
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KeeenwFnse 188
MHeegh B5te
PtoWMTdin 166
Horake Stag A Free- 86
OfUa Free 211
RtaOerSoeA 192-50
Saga Pet A Free. — B2
SegeRaf BFrse 8250
SOWB 85
Unitor- 72
Vjrt 28
mj Fora A Free 84
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AfcateaHJKBr.».60&
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Brown Bovari mi 4590 420
Brawn Bmon Pro Si* +2
Brown Bwed Reg — ftlO _
CSHUoeIM, SUBO
OtaGemmi 040 -Z
COB Goto (Baa) 619 -3
BeMrowan&i 2.740s) _
SMegtod 1500 -so
Fischer Goo (Br) 755 —
Forte* rao 3.120 4=0
HoUertrane 160 855
HoMs IMz (Hogf. 4SS -5
MUM 1500 -30
LanUs 5 Gyr [Hog)— S75 45
LeuHoU ®r1 404 -1
Motor -cnami (Brl. — 80} -6
Krone (Brl 1.180 -35
NesOaptoa)— -.1.166 -25
Ora-BaerMedo 537 +2
PanwaHWffln 1520 -6
Plwirai Watoo (Brt~ 2560
CANADA
2S950 +4S0
396-50 +150
Maisa-SertaA
Metsa-SotaB
646 -3
3^60 410
2570
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127
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Vaai Routs ...
226
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96
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WwteB -458 _
Mm PatertAig— 743 -3
WgeteEen — -1—515 43
MSm K5o3d____ B22 -12
MM03ec_ -IflBO 4-10
MhonCDrp- -0Q9 *60
HtotePd^-— — —.9580 +S»
ISSSernSJUJi^o So
MppanBGtoW 1550 450
MmnEiviBBB 1500 -10
Mppon Hra 740 +40
Nippon Flour 2 *4
MppanHode ZA20 -BO
SSSfflUiS 3f
Mppod Meat Peck— 1^40 +30
tgipon m_ gg -4^
Ntepon^mCJZ^o +20
Mppao Sheet Gtoee- 040 +13
wiss^isr 5“
2 SSS^rzr^ 5
Mppon TV Network- 1*200 -300
HfrJ 1JM05W-
Nippon YeMn 480 +15
Hpoanltm 642 +30
NtoDWi Joan , — B2B +21
NMOmAnl CBnitr — 1^70 +10
M&sanneeei 404 +0
Haeoikur BIS +47
(fleeelSenayn 1520 +40
NkeMnnour 1.150 +10
NtetMnOH 990 +13
NtodiMoM Uflo +30
Meahokwl 460 -11
Ml*i Electric— 1.020 _
Main Food — 2460 +60
MBWO ■ 7SB +5
NfltoBaeeM 4ta +5
MtoDenKo 1^00
NanmSec 2.1B0 +10
Naritria* 884 +0
2000
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645
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1070
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1010
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1,120
~
4.010
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Paata Ocean 781 +11
Pioneer Bee Z-4TO +80
PAxa Meet Fed: — 475 +3
.502 +3
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. 1 J20 +120
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1.100 *10
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Satea Stock tflQO Lour OonChna
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tt«Hlon3 bi arts unhs3 marked S
Z31500 AOUblPr
49900 AgdcoEa
95200 Mr Cite
113400 MtefeEn
99000 A4M&S
605700 AlcaiH
472900 Am Ban-
6400 Aha Q 1
BkMontrl
BkMnaSc
BC Sugar A
BCE Inc
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241300 CAE Iril
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480
113300 Canter
$13%
13
161300 CeoMdgti
SI 5%
15%
900 Camwok
$18%
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2100 CbetRee
48
42
03500 CartnpBk
133300 Cm Da*)
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27%
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274800 Can Pac
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100 Can Tbs
$18
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Satea Stock Ogh low
10300 Dente» A 41 41
1100 Dwtao 995 385
451200 Dotes Sl4i I4ja
3500 Donmla 59^8
394400 Domta/ttt Sg 5%
24900 DuPortA* u54&^ 46
22700 hntoBnA 440 430
73500 EriuBayk S8 7\
02300 EmcoLBI 38*2 6>z
4000 ElM*8 512*4 12
34800 EwoNw 522% 22
57m FP1LU 300 340
17300 FrinsMtor u89 B\
13400 faring uS14^ 14*2
378900 FfiHxaAx $12% 12*2
600 Fonts 524% 24%
72700 fourSem 516% 15%
121600 FnncaNn 543% 42%
400 Gerais A 020 20
22300 Saris Hd 87% 7%
324000 Bridote uSil% 10%
200900 Cm** 1I27D m
2700 GWUfcco 514% 14%
162100 GUKCtteR uOO 400
900 eWUtts 86 6
mo HantaStA S&% B%
200 HenknrSM uS22 22
17800 HbesH 810% 10%
43S00 HarioBoU 89% B%
01200 Hritogsr S10% 10%
92200 HobhOI uS15% 15%
97900 Horsham $14% 14
6500 teBasMS 468 d480
56100 HutexBay S34% 34%
135800 tesm £38% 38%
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46 46 -%
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12 12 -%
22 22% -%
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14 12 13
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taandsFor 510% 10
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MonxB.12 $25 25
NOKrtMQ 117 1G%
WlTefe $47% 46%
tetetex 115 115
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16000 SunoraBd
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109000 StenA
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74000 Tetancn
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24100 TbCAB
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445500 TtWTCWl
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78100 D0QnO6
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464300 IcaaanPi
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49100 WC033E
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104400 mstnGa
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48 +1
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15% 15%
510*2 10%
Si 8^ 1^
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517*2 17%
MONTREAL
4 pmcteseAprt 7
101000 CarfTke A $13% 13
17100 Con USA £22 21%
800 Can USB $22 22
4800 QnTnoste 110 102
1900 CanGodm S2&% 2B*z
16800 CM* 534% 34
38400 CnPcForea $22 21%
500 Cara Op 43S 43S
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165 162
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400 <1475 475
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513200 Ranger (K 55% 5%
124700 Rvnck u$12% 12
200 Reed Stan £30% mh
1500 netonenS $ia% 016%
183000 Rerfasnce u$2B% 25%
35000 RepapEsl 3C5 SO
5000 noAlgam S1B% 16%
68700 RageraCemB $17 16%
100 Roonara *100 100
12S5Q0 RorriBkCan $26 25%
077500 (tdOridfc 400 430
793500 RjfTnetca 48 035
19700 SamtimA U08 7%
498300 Scepnfe u51Q% 9%
1000 Scoifi’aper $11% 11%
12000 ScoOstto S8% 9%
1B130Q SBagmnCa $34 33%
53300 Sears Can u$8*s 8
7200 ShefiCanA 138% 38%
531700 BonMkeB
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20700 CaraUor
126800 CriWnpBi
50000 Cantbmn
19200 Cascades
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3500 DomtaMA
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AdvMym 14 399 8% 6 8%
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Agnylta 11 36 7% 7% 7%
AgnkoEa 010 X1455 6% 5% 6%
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Aldus Cp 37 1185 18 16% 17% ft
008 14 321 24% 23% 24% ft
ABqd<SW 15 257 8 7% 7%
AtanOrp 048 12 34 aftdXb
AbnPH 7 402 9% 9%
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AMCX 000 13 65 15 14%
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ABnCo X 1674 lft 15% 1ft +1%
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AmCtyBu X 19 ifl9 17«2 17%
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Am Had B 13 147 7% 6% 5%
AmSoflm OX X 548 7% 7% 7% ft
AmtartA 086 161513 51% 51% 51% ft
AmerHB 0 131 1% 1% 1% ft
AraoMM 15 2499 ifi 1% l!i -ft
Am Nan I 204 10 41 59% 58% 59% +1%
AarPowe 49 2828 30% X% M -%
AmTrar 8 3X2 ft 8% 8%
AmFtanT 7 817 ft d% .*« -%
AiDoentoc 14 7768 38% 35% 3 -%
AmfKftCp 482Z77 31% 28^2 31 +1
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Arafcglc 15 68 14 13% 14 +%
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Arakm An 14 626 14 13% 13% -%
Apogee En OX X 6 12 11% 11%
APPBtt 28 3638 6% 8% 6%
ApUdUBC 33 6151 41% 39% 41% +1%
Apple Camp 048 11 Ml 22 50%d48% 50% *1%
003 X 383 X 27% 27% -%
Dr OX 18 1150 19% lft 1B% -%
Aitim OX IB 141 24% X% 24% -t-1%
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Armor Al 048 X X 18 17 17% ft
Arnold ki 064 15 9 X% U31 X
ASK Grp 31 8788 14% 12% 14+1%
AuedTd 45 1177 18% 18 18% +%
Aswctaom 183 423 18% 17% 18
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Babbages IS 144 26 25 25%
BakwH W1 55 M% 1% 1ft
Baker J 006 151039 19% 19% 19%
BKhMlB 050 Sx100u3fta33^2 34%
BMardM 004 23 7098 15% lft lft -1%
Bmctec 12 874 16%d15% 16 +%
BrtiSouih 016 17 956 13% 13% 13%
BrtmCp MB 0 17 29 X% 29
BrnkWona OX X 649 X% 21 22
BantaGao 072 16 473 45 44 44%
Basel F 092 X 57 48 47 48
BayVtowx 080 15 253 21% X% 21
Beybonka 080 131479 47% 47 47% +»2
BB&T Fin 100 11 332 34% 33% 34% ft
BE Aon X 400 9% d8% ft
BefMJXCcsx 028 17 471 ft B% 8%
BenSJory X 586 30% 2ft 30%
BeddeyVIRxOra 17 85 45% 44% 44%
BHAGrp X 13 lft 18% 19%
BHADp D 5 1ft 18 17
BlkK 41 272 7% 7% 7%
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244863 28% 27% 27%
19 4358 11 19% 10%
100 14 It 4ft 4ft 48%
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Del Conte 128417 33% 3E% 33%
DepGry 086 12 286 u31 X% 30%
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000 10 874 27 da 26%
23 117B 21 19% 2i% +1%
61082u12% 11% 11% -%
21 250 2% 2% 2% ft
9 240 B% 06 6 -%
18 88 38 35 35 -%
OX 24 823 u16 lft 15% -ft
4 283 5 4% 4%
OX 3 5280 25% 24% 35 -%
tan BWb 044 55 961 uZ7% 28% 27
Dnrch Htn x 048 81 65uT4% 1*14% ft
OrecoEngy 17 427 lft 18% 18%
Dressfiam 1813168 14%dI3% 14% ft
Dray 60 024 21 2534 21%lCD% 20% ft
DmgEmpo O0B 7 298 4% 4% 4,1 -A
DS Bancor liB 9 6 18% 18 18
Durfnm 060 21 229 22% E% 22% ft
Durr F* OX W 8 33% 32% 32%
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Dyratedi 17 13 27% 28%
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4 61 3% d3% 3%
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010 48 47 3% 3% 3%
051 973580 35% 34% 35 ft
19 12 15% 15 15% ft
0 306 % 0% %
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Fal Grp IS 319 S 7% 7%
FtvrCp 024 4 10 5% 5% ft
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FQronics 1 ai 7% 8% 7%
RflbThrdx 096 X 3M i67 56 57
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Ftanet 12 2S77 9% d3% ft ft
UAflum 104 13 ZOZ 38% 35% 35% ft
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FstCoBKX 055 12 <BulB% 18% lft
FctSeay 076 13 907 28% X X% ft
FteTem 104 13 1B9 43% 42% 43% +%
FteWestn 036 78 111 ft ft ft ft
FattedHc 088 9 217 30% 29% X
Ffesber OBO 12 435 44% 43 43%
FVeMtas 271452 6% 8 6%
Frsarv X 1488 29^2 X% 28%
FhWkd 19 101 B 5% 5%
FoodUonA 009 178437 6% dft 6%
FboAUfi 009 ID 3055 6% dft 6%
Foremost 108 17 197 38% 3ft 38
FMschner 18 43 14% 14 14% ft
Pturataic 030 11 Ml 19 18 lB% ft
Foster A TO 194 3 2% 2ii A
FfttiHn 096 15 282 X% 29% 30%
Fremont G 108 9 2Bu41% 40% 41%
FstEaan 1.12 2 161 17% 17% 17%
Fst Fhrtl 0X11 470 14 13% 1ft
FteHUHd 1.12 11 380 M2ftX%
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BobaChA 0 375 ,*« % %
BooteAB 19 187 »% 26% W% ft
Boland 6 8X3 21 19% 20% +1
BoauiBk 088 6110B 32U 31% X ft
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BtavwA ora a 7 sb% 34% 38% +%
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Pwkt 080 3 45 14% 14% 14% ft
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025 9 586 35% 35 35% ft
070 X a » 3ft . ® ft
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taePirto « 60
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34 889 10 d9% 9%
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GSK Sent 010 X 31 17% 16% 17%
Banos 12 zlOO 12 11% 11%
GemetRs 5 302 5% 4% ft
Gate Co 016 1 279 3% 3% ft
Gendra 35 728 41% 40% 40%
Genl Brte 040 18 5 17 18% 17
Geteyte 37 4a 4% M ft
BenstePh 123016 16% 15% 1ft
QadwCp 40047 938 X 29% 29%
Genus Inc 1 244 2% 2 2
Genzyme X 1561 E% 31 32
GerajpXyM 15 142 11 dlO lft
GfraonQt 040 40 324 »% 19% 20%
Gkxgngtf- 012 a 5701 26% S% 25%
GlblrtA 072 17 25 21 X% 20%
GfchBtom 13Z1D0 7% d7% 7%
Good Guys X16G3 11% lft 10%
taJttfnteteLeoa 131 a% a% 3%
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frateB x OX 55 184 19% 16% 18%
frenlAra 002 0 390 & A A
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225 9 735 11% 11
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10 142 4% 3%
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43 20 5 4% 4%
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012 13 K 1ft 1ft 1ft
10 882 11% 10% 1ft -%
4 218 1ft 1ft 1ft +%
17 .34 B d7% 7% -%
14 675 7% ft 6% -%
12282 ft ft ft
100 14 B45 E% 30% 3% +1%
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18 49 4 «D% 4
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12 1100 l!%d10% 10%
02 450 1% dift 1% -i*
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1 3990 45d42% « -1%
1.12 18 512 61% 60% 81% +%
014 30 3113 29% X 29
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40 997 4% 4% 4% +%
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108 18 14 24% 24 24%
33 74u17% 16% 17%
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21 1658 12% 12 12% +%
CotaCotaB 088180 56 19% 17% IB -%
tataEngy 262 828 5% ft ft -%
4 11 5% 5% 5% -%
31 406 3 21% 21% -1%
17 708 7 8% 6% -%
30 13 1ft 12% 12% -%
15 477 21% 21% 21% *%
122 19 21 X% 22% 23% +1
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048 18 819 u5B 54 5S3: +1%
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19 IX 14% 14% 14%
1 271 1ft 13% 13% '%
033 18 911 17% 18 17% *1
132 507 11% lft lft -%
Canto Cp 122125 22%dZ1% 2%
CoresMB 116 12 774 58% 57% 5ft +%
C«P 01 A 36 3X 10% 9% ft -%
Costco Wi 1815384 18% d17 17% -%
Grader B Dffl 42 4638 29% ' » 2»%
Cray Comp i 461 2% 2% ft
100 18 1783 4ft 41% 42% +■>%
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-K-
K Swiss 18 48 X 25% 25% -%
K*nanCpx044 11 728 11% 10% 11% +%
KardiarCv 008 12 Bl ft B% ft f%
KaydonCp OX 162049 »% 24% 24% -%
KaOeyOl 1771773 B% 8% 8%
KetySv 07BX4389 38^2038% 37 -1
KanCanfat 044 1 985 3% 3% ft -A
Kentucky 011 6 48 11 dlO 10
Kbnbaa 078 18 71 29% 28% 28% -%
Brsctmer 85 17 8 7% 7%
K1A Instr 14 573 12% 12% 12%
Ntodge 22 71 10 ft ft *%
Komaghe 23 2834 18% 17% 1ft -ft
KufckeS 9 40 13% 12% 13%
- L -
LOOS A 735 8124 u36% 35% 38% ft
LaPBtUB 17 1735 ft 9% ft -%
Lida Fran 012 « 699 12 dll 11% -%
LBDlRSCh 32 2141 27% 25% 27 -%
Lancaster 068 21 4S3 49 % 48% 49% ft
Lance Inc 096 18 234 23% 23% a% -%
LanrbnkGpti 15 453 17% lft 17% +%
Laseracpe 7 214 5% 5 5%*%
Ubtoa S 21 426 27% 3ft 27 *%
ImsaaiPrxOra 2A 47 X% 27% a *%
LdCp 016 61344 7% ft 6^| ft
Looses ia 383 I7d16% ift -%
LegertCp 3711790 38% 34% 37% *2%
LM)MtBC 090 13 460 33% 31% 3ft +1%
Lie Tech OX 20 ZlOO X% X 20%
Utetew 5 198 3% 2% 3% ft
LUyMA OX 19 2 I7lz 1ft 16%
UnBcaa 44 1031 91% 80% 81% *1%
LincofeiF 109 9 186 27% 25% 2ft
LkcdnTi 096 14 934 2ft 25% 26%
LktesayM 14 54 32% 31% 31%
UmorTec OX X HO 24% 23% 23% -1
LjquAM* 036 16 3 29% 27% X% ft
Laewen Gp OiM 29 38 18% 17% 17% -%
liraS&r 15 153 6 5% 5% -%
Lotus Dev 14 9015 27 28% 2ft
LTXGp 7 3452 4 % 4% 4% ft
UMH 103 13 9 U137 134 134
HQ Cam OTO 2010726 44% 43% 44% ft
HSCVS 21 1284 21% ZMj 21% ft
Mac Ml OBO 29 92 15% 15 15% ft
MadbonGE 102 15 11 34% 33% 33%
MarynaPitf 24 Xri^z 39% 3ft ft
Uagm Grp 072 12 242 17% 17% 17% -%
IMBcs 26 2315 14% 14 14% ft
ItoXWnc 100 32 115 28% 27% 28%
MamamCp 17 528 18% 15% 16 ft
Market Cp 7 B4U36% 35% 36% ft
Manyjest 0 101 1% d1% 1% -%
Ittnctla 13 221 10% <&a 9% -%
MarahSmkA 044 9X100 14%d13% 13% -%
Mantel IM 14 2461 u74% 73 73% *%
ktoscolnd 34 1137 18% 16% 18% -%
MBdmlnt » 902 2ft 28 26% ft
Maxtor Cp 2 4612 7% 7% 7% -%
HcQndti R 040 11 9 13% 12% 13%
UcQnnlc x 044 19 4430 23d22% 22%
McCawCel 18 5451 37% 35 37 +1%
MECASaO 5 36 9 8% 8%
Med knag 03211%%-%
MHKD CM) 004 3837437 28% 027 Z7% ft
Meda he x 014 14 18 14% 014 1ft ft
HedkfeteS 044 141344 72 21% 21% ft
tUatene 024 12 14 6% ft 6% -%
UertcrCp 0.16131849 11%d10% 10% ft
MxdirGp 024 71589 9% 8% 9 +%
MercarlB OX 13 479 33% 33 33% +%
MaroxyG 06010 91 32% 31% 31%
Menton IX 12 228 33 32% 33 +%
Mferteel 162315 10% dlO 10% ft
Uetoode A 005 13 B23 13% 13 13% -%
McliHBlf 0X342163 7% 8% 6%
Mich NaS* 200 14 1524 58 57% 59+1%
McraHth « 192 14% 13 13%
Mtceoaga 14 33 13% 13 13
Mu mall 6 607 4% d3% 4%
liergrah 131045 5% 5% 5%
Maputo 44035 6% tB% ft +%
Mtaasnfl 3212300 90% 09% 90% +%
MdAdM 141106 13%U13% 13% +%
Mknxtec 100284 1367 22% 22% 22% ft
MdBOuto Z3 163u20% 20% 20%
MdwGnh OX 19 11 X% 27% 28^2
MBerK 052 21 436 26% 25?a X ft
uetdd 0 47 % ii %
MVcom 4 59 7% 7% 7% ft
HkmBtei 19 71 14%OT3% 13% -%
MaMeTte 1971033 17% !7% 17% ft
ltademCP0TO21 12 12%0U% 11% ft
ModkieMf 042 18 477 20% 19% X% +1
MdexAx 003 IDS X% 2B M% +%
UataxhcxDJDX 306 30 29% 30 ft
Haase OB4KO 209 5% 5% 5% ft
0362130 88 X%d21% 21%
19 774 8% B% 8% ft
048 21 24 U27 25% 27 +1%
X 2133 33% 32% 33% +%
5 158 12011% 11% ft
H to
n. E w to m iw to
Price CD 12 2108 32 31 31% +%
Pride Pel 1021167 5% 4% 5% ft
Prirtlron 4 8 7% 7 7 ft
Prod Opt OX 18 695 25% 24% 24% ft
PriMaLI 092 10 311 33% 31% 31% -1%
Uteri 064 14 217 33%d30% 3072 -4
Puritan B 0.121BZ7B9 aj'zdift 19% -1%
pyrandd 3 1849 12% 11% 12% +%
QuadraLog 18 143u10% 9% 9% ft
Cktoartan 080 15 17 22% 21% 21%
fr* Food X 591 34 32% 34 +1%
Quantum 84697 12% 12% 12% +%
DUCksfe 23 1624 u10% 9% 9% ft
OVCNemk 40 2292 54 53% 53% ft
- H -
Honing A zi 17 9% B% 9
Hartnyte 056 13 595 30% 3% 29% -1
HwperGp OX 46 1730 14%d13% 14 -%
ffflO A COX OX X 3714 21% X% 21% +1%
Heelhcar 2210SM 11% n n% ft
HeaBlue 006 14 IB B% 8% 8%
HeteMyn 31 20H 7% ft 8% ft
Hetetlta 12 112 8% 8%
Hechkiger 018 13 550 8% dB% 8% -%
HeekteCan 10 85 27% 26% 26%
MenTroy 13 221 18% 17% 17%
ItamSyG 015 X 246 6% 6% ft ft
Hteotec 30 38 5% ft ft ft
ttemaBenf 07B 8 11 24% X% 24% +t
Home tar X 88 6% 8% 6% -%
HnnaOIca 072 14 252 15 14% 14% ft
HmeayBuf 5 988 2% 2 2 ft
Hon teds MO 19 1754 23%d21% 2Z%
tombac* «E21168u10% 10 10% ft
HonrtdtoE OX 13 TO 5% d5 5
Hurt A OX 181402 19% 18% 19% ft
HmterErw 2 636 % A %
frutogm 072 13 830 2ft 23% 24% +%
Hurco Co 008 4 16 6 5% B +%
HutehTech
HycnrBio
9 3635
13 262
33 X% 31%
5% 65% 5%
FRSys
EFH
Detan
Steal
■a Inc
tomucar
bnmuiex
bnmuiBflHl
teannogen
knperiBc
la Stem
fad Banc?
tad he
tat Res
Mama
ft
-%
ft
ft
ft
ft
-it
+%
-%
ft
9% 6 6% ft
7% 7% 7% +%
32 67 7 8% 6%
29 ISO 6% 6% 6%
35 374 27% 28% 27%
£ 743 19% 18% 19% +%
OX £ di A -A
IB 92 7% dft 7
8 3297 44 42% *3%
10 24 22% 23%
4 E7S 7% 6% 7%
040 56 46 12% 11% 12%
0 451 il % ii
1.16 43 30 Z7% 27 27%
024 37 53 16% 18% 1G%
3B 2041 30lz 29% X
178715 30% 29% 30%
IngteMQ* 022 16 99
691344 .
IB 677 il7%
21 245 7%
040 2227407 114
1 115 IA
112598 13%
13 295 5 . ,
024 16 341 t1%d1l% 11% ft
652192 12 11% 11% ft
142362 8% d7% B%
18 438 7% 7 7 ft
ai584u20% 1912 19% +%
15 77 17%d16% 17 ♦%
004 X 9 2% 2% 2%
81 78 4% 4% 4%
001 19 388 23% d23 23% ft
15 85 4% 4% 4%
19 832 22 21% 21%
103 27 z100il1«%142%147%
InlgidSys
HgfcNbt
fatal Cp
Mate
kiUjp^P
Inter TS
WartcaA
nwgipiT
taWeal
Waxbe
6%
7
111
6%
7 ft
114 +2%
i ft iA -A
13 13% +%
4% 5 ft
- R -
19 X7 19% 18% 1ft
21 1585 1612 15% 18%
20 848 ft dft 4%
IB 17%
Iti iJi
7 ft
4 03%
-%
ft
ft
18+%
Hi
27 52
41 15
B 181
16 40
25 549 12% 11% 12%
103 X2261 81% 61 81%
tkc 6 X7 6% 5% 5%
Fst 050 14 12 44 42% 43
S IX 17 683 64% 63 63%
050 14 TO3 12% 12% 12% ft
080 12 97 37% 38% 37% +%
14 2SB1 19% 18% 16%
D£0 53 948 17% 17 17%
046 231021 18% 18 18%
040 15 2Bu20% 19% 20%
16 4329 6% «B% 8%
ft
-%
-Is
ft
+%
ft
Eamfrd
RyaiFmly
- s -
Cp 104 12 934 62% 82% 62%
Sanderson OX X 3 23% 22% 22% ft
SchutogrA 002 19 726 28% 28 28% ft
SdUadL 11 1567 X% 37 X
sasysun a 7288 17% 17% 17% ft
sms 1 168 6% 6% 8% -%
Sdtn Cp 049 133405 41% 40% 40% ft
11 sere i6du% 15% -%
IX 59 MOO 31 30% 31
417062 14% 14% 14% ft
0.15 X 13 28% 2712 27% ft
036 0 X 1% 1% 1%
T.12 11 44 24% 23% 24 -%
32 7383 18% 17% 1B% ft
0 KI 2% 2& 2jS
7 106 B 07% 8ft
52 224 5 4% 4% ft
17 22 15% 14% 15%
StaradMedteLM 182084 20%d20% 20% +%
SHLSydm 68 27901111% 10% 11 ft
12 57 11%tf10% 10% ♦%
X 429 X X>2 29% +%
43 113 10% 10 10% +%
121 381 5% 4% 4% ft
OX 24 5603 47% d4G 47
4 578 6% 05% 6% ♦%
008 37 101 11 10% 10% -%
82 454 8% 08% 6% ft
058 241121 18 17% 17% -%
41 307 13% 13% 13% +%
OX 4 374 19% 19 19% ft
82S20B8 8% 08% 8% -%
15 4783 7% 6% 7% +%
100 231947 44%d43% 44% +%
2X 11 38 u44 42% 42% -I
088 12 848 32 31% 32 ft
StoabAx OX 321122 24 % 23% 24% +%
SI Judd*! 040 14 4451 32 30% 31% -%
SIPtoGc 040 9 30B 27% 27% 27% -%
SB CP
SrtbebB
Steedka
Sequent
Sntea
Sen Tech
ServFrad
Saranaon
Shnewood
StwwhbP
Stem On
StonaTuc
Soma Aid
frgmaDBB
SBOIVBC
StknVGp
Smpaon
SmttM
GodteyS
SallwweP
GoRwaraT
Sunoco Pr
SfrCteWk
soutfta
Staphs
56 6567 32% 30^2 32 +1%
St* Bancx 1.16 14 234 37% 38% 36%
State Str x 048 X 2452 44% 44 44
SdMtera 124342 18 15% 15%
sa itegte 064 14 33 19% 18% 19%
Steel Tec 008 X 35a ul 9% 18% 19
SBldyUSA OX 4 319 7% 7% 7%
Stub Ten 010 86 8 18 15% 16 ft
Stewtxax 107 13 7 24% 23% 23% -1
StructDy 341672 18% 16% 16%
Sxyker 024 73 977 24% 23% 23%
frOradl 32 3712 20%018% 19%
SurtkxrtiBxira T X X28%2B%
SummkBc OX 17 12 22% 21% 21%
ft
+%
+%
-%
ft
ft
-%
•1%
SonmkTe
Sun Sport
Sut Mcra
Swift Tra
Sytassfac
Symantec
Synalor
Synarcm
Synogen
Syrette
Syrapbca
SyflmSnft 012 184354 12% 11% 11% ft
MotteoeP
MrQdne
MTSSys
MUtmafia
Mycogan
SyrtamBco
Systemod
Bra Sun
Navigator
FCCx
- N -
NACRe 018 74 590 42% 41% 42%
tesh Fnch 072 10 88 19% 18% 19%
M Pizza 23 43 7% 6% 6%
Nattarann OTO X 109 53% 52% 52%
tot tant 038 14 448 15% 15 15%
Nat Das 044 X3688 16% 15 16%
OX 18 77 9% d9 9
25 265 33% 32% 33% -1%
042119 106 43% 41% 43% +1%
141B86 20% d20 Z0% -%
17 1428 11% 10% 10% ft
6 5796 9% d8% 0%
XX 6 d5% ft
CL34 20 575 18%rt17% 17%
000 22 56 16% 17% 18
41 238 17% 16% 17
681815 a% 58% 59%
NewpttCp 008 2 40 B% 6 8
Motto 01 133001 5% 5% 5ft
048 19 67 39% aa% M
ton&trom 034 1715854 X d2B 29%
I 12 67 15% 15 15
NSQMta S M 4% d4% 4%
NEesfBc 072 0 479 5 4% 4%
WrthnTSf 074 19 392100% 49% 50%
towkGen
totwkSya
Nningen
tteulq*na
NswEBus
Nawknega
tordgeNet
ft
+%
+%
ft
+%
-%
ft
-%
-%
+A
+%
-%
- T -
61034 3% 3% 3%
19 99 5% 5% 5%
004 17 2151 41 %d40% 41 ft
S3 1181 18 17% 17%
TCACUto 040 X 815 2M1B% X +%
TKhtaa 19 6044 24 % 23% 24% +%
Tecumnil ira 13 107 66 ^ 83% 85% +1%
3 18 7% d6% 7%
21 298 7% 7% 7%
22885186 18%U17% 18%
H 206 4% 4% 4%
18 192 22% 22% 22%
001 34 1244 10 t®% ft
Tens Tec 69 43 ft 6% 6%
Three Com 35 6*62 33 31% 33 ft
TJfat 042 41 879 31% 29% 31% +1%
Tokos Mad 17 3699 6% ft ft ft
Tokynlto 032124 864 uG2 60% 62+2%
Tom Brown 34 322 14% 13% 13%
Topps CP OX X 4276 8% 7% 6 +%
221 1656 9% 6% B% •%
II 10t/16% lft 1ft ft
000 17 285 44% 43% 44% ft
19 1 23 2% 2% 2% +%
TWHUgs
T-CeflSc
T.rowePr
TBCCp
Telco Sys
TetoCommA
TrteW
Tdlebs
TabaxiCp
TPl
Tiansato
Tianafeh
Trtore
Trirnob
MOKfl
town*
NSC tap
3818*13 32 30% 32
X 1188 16% 15 16%
18 150 ft dft 4%
HDfflry
bitRas
kit Total
kwatara
Iomega Cp
borne*
Utttoxto
- D -
1078988 28% 27%
DSC Cam ... — ...
OeMtoQi 012 31 461 23% X% 23%
Dot 6rou 013 16 9 84 80 BO
DaaSMCh 49 ffi 4 3}S 3iS
14 13 S% 5 5
22 11X 1ft 12% 13%
X ■%
- J -
JU Snack 23 2B2u12% 12% «% +%
jasmine 0X21 X 10% dlO 1ft +%
JLGlnd 0X56 18 1ft 14% 14%
JohraoiW X 133 X 19% lft ft
Jam kit 5 676 12% 11% 11% +%
Jrre&Med 008 17 6 7% 6% B%
Jadyn Cp 1.18 12 X 2ft 24% X%
JSSRn OX 15 612 X% X% 2ft J2
Juno Lkl 0X21 173 lft 18% 1»% ft
JusOnx 032 24 455 48% 47% 48 -%
- o -
OCherteys X 281 9 dB% 9
OctoCom 19 2727 72. X% 21%
OfithraLg 15 2460ul4% 13% 14%
Oglebay N OSO 1 MOO 24%d22% 22%
Otto CM! 204 12 192 66 84% 65%
Old Kart 104 121X2 35% 34% 35%
Old NaS 004 15 14 33% 32% 33%
Ortmnaxp 058 10 2170 32 31% 31%
One Price 11 1356 11% 11% 11%
OptkrtR 72 1112 14% 14% 14%
Oracle Sy 5111708 38% 34% 35%
OrbScnce 31 35* lfttflft 10%
OragaMei 031 M 46 4% 4% 4%
Oetop 24 37 ft 8 6%
tafeahB 041 18 512 17% 17 17%
OettoahT 050 10 280 9 dB% 9
OOsTm 108 18 28 1)40% 3ft 3ft
-P-Q-
Pwe* 100 X 435 84 62% 64+1%
Pocoutop 057 19 B8 14% 14% 14% +%
PacHfcT 102 13 &S 22%621% 22% *ft
15 233 M% 35 35 -%
55 3330 M% 25% 2ft -%
024 44 432 41% 40% 40%
X 8892 ft ft ft
ora 22 34 10 00% ft
4 5 10 ft 8%
10019 B7U37% X 35 ’2%
220 18 20 30% 29% 3ft +1%
102 15 182 49% 4ft 49% +%
12 157 4% 64% 4% -A
PHMBStL 0X18 71 1ft 18 18 ft
Peep Banc xl-32 9 13 30% 30% 30% -%
People We (LEO 32 139u44% 42% 43%
Peoples H 18 374 10% 10% 10%
Parana x 1.1219 10 30% a 3012+1%
Pharmacy 22 21 8 dft ft -%
PtoenxTeh 231014 4% 4% 4% +%
Phxafl 048 4 105 10% 9% 10
nduata 34 4623 18% lft 18% +1%
Puikanw ia is a% ift ift
nonoofip 084 14 X 34% 38% 34% ft
Pkxwtfi 0.48 17 BB1 28% 27% X -%
PhnoStx 012 13 x 17% ift 16% ■%
Pm* Fed 5 500 8% 7% 8 -%
pewaa 11 502 9% ft ft -%
ProsUh 000 5 <23 B% 8% 6% ft
Press&k X 347 23% 22% 22% +%
Preston 012 1 14 4% 4 4
6 KI 8% 7% 8% +%
TiudDOBfcC 100 15 15 40% 40 40% +%
Tseng Lab 25 5689 18% 17% 18% +%
lyaxfdA 004 17 3880 22%a21% 21% ft
- U -
US Hither 052 22 6823 43% 42 42% ft
Unlrt) 2 613 G (6% 5% ft
UOBesOa 098 IB 40ul7% 17% 17% +%
US Trust 108 15 <7u5»% 58% 59% ft
Paoncra
Puamdra
Paychex
Payco Am
Psedsss
PBrTny
PeraiVbfl
Panreytv.
PBftor
Pcntachl
891 503 27% 26% 26% ft
3b 9 3iJ 3% 3%
21 8835 X% 28% S%
17 700 23% 22% 73h *%
56 5552 54 51% 54*2%
84 1998 13% 13% 13% ft
032 20 239 24%d23% 23% ft
5 27 2,1 2% 2.1 +A
6 4517 10% d9% 10 -%
35 502 Iftd13% 13% -1%
*8 6038 U96% 91 96% +3%
30 256
37 412
7% 6%
4% d4%
7
4%
ft
ft
ft
+%
ft
Urttadax 040 19
Uratog
Ihton
USfrncp
US Energy
UST tap
Utah Med
utdTelev
Utb
7 1B% 17% 17%
17 54 u21% M% 20% -1
IX 13 369 43% 42% 43% *1%
076 13 3237 27% 26% 27% +1
52 21 3% 2% 3%
032 X 179 9% «B% 6%
17 1« 10% 10% 10%
20 22 U32% 31% 31%
15 87 4% 4% 4% -%
- V -
Vrtieytto 43 2B6a6B% 68% 68%
vranora OX 18 141 21% 21% 21%
vngitcel X 1330 22% 21% 22% +%
Verttona 73 12S7 23% 73 23% ft
Vcrv X 681 14% 14% 14% ft
Ucapta 13 198 26% 25% X ft
VLSI Twti 61014 6% 6% 6% ft
Vatvo B 9*020 IS 48% 47% 48
- w-
Wana En 008 19 1244 20% 19% 18% ft
WsrmttCh 84 234 3% 3% 3% -A
WtoMUSBara 914S9 32% 81% 32% +%
UWftdELxaX 12 4Q3 X% Z7% 28%+t.18
WatbhdA OJB 17 315 40% 39% 40}2 +%
WteUSKiPHOX 18 98 34% 33% 34%
MHO 100 17 219 46 4412 48+1%
WOnk 3 159 5% 5% 5% ft
Wed Onex IX 121067 50% SO 50% +%
Wstrf ifl 171083 15% 15% 15% ft
WatSertA 18 12 7 7 +%
WUiMto ora 24 865 38% 37% 37% -1%
MusSoniB 85 483 14% 12% 13% +%
Wiser CM 040312 737u15% 15% 15% ft
WOdtolL OX 13 2 20% 18% 19% ft
WltM«ton 049 27 509u28% 27% X% +%
WPP Group 1.11 1 846 ill lIZ li! -A
Wyman-&fa0.40 4 248 5% 4% 5ft
-X-Y-Z-
Xttu 33 788 32 % 31 32% +%
Xoma tap 3 443 7 8% 6%
YrfcwFr 09* 1G 2368 23% 22% 23% +%
YortiRsdi 7 398 7% 7 7 -%
ZkMUOix 004 16 445 48% 46% 48% +%
WORLD STOCK MARKETS
FINANCIAL TIMES
Thursday April 8 1993
AMERICA
Mixed performance as
consumer shares lag
Wall Street
US share prices were in mixed
form yesterday morning as
gains in some cyclical, energy
and transportation stocks
helped to offset losses Incurred
early in the week among con*
sumer issues, writes Patrick
Haruersan in New York,
At l pm, the Dow Jones
Industrial Average was up 6.75
at 3,38A32. The more broadly-
based Standard & Poor's 500
was also little changed at the
halfway mark, down 0,08 at
441.08, while the Nasdaq com-
posite was up 2.46 at 666.60.
Trading volume on the NYSE
was 174m shares just after
l pm.
The markets lacked an over-
all direction, a reflection of
nervousness following the
recent sell-os' in leading con-
sumer stocks like Wal-Mart
and Home Depot, and of the
cautious approach Investors
were adopting ahead of the
all-important inflation news
out today and tomorrow, when
the March producer and con-
sumer indices will be pub-
lished.
Recent gains in commodity
prices, coupled with continued
strength in certain areas of the
economy, have revived fears
that inflationary pressures
may be building up. Those
fears have trimmed prices in
bond and stock markets, and if
the March prices data comes In
stronger than expected, ana-
lysts warn that equity prices
could tumble.
Some individual sectors per-
formed strongly. Airlines were
generally higher amid hopes
that the recent restructuring in
the industry would eventually
lead to a return to profitability
for the country's biggest carri-
ers. Among the leading stocks.
Delta was up $7« at $54%,
USAir was $1% higher at $22%
and AMR, parent of American
Airlines, was $1% firmer at
$CT%.
Brokerage stocks were also
in demand, following record
quarterly results from Bear
Steams for the January-to-
March reporting period. Bear
Stearns was up $% at $18%
after announcing profits of
$U0.4m, up 21 per cent on a
year earlier, Merrill Lynch was
up $1 at $68% and PaineWebber
$'/■ firmer at $24%.
Copper stocks were weaker
on concern about falling cop-
per metal prices. Phelps Dodge
slipped $2 to $44%, Cyprus Min-
erals dropped $2 to $37% and
Asarco fell $1 to $21.
Advanced Micro Devices rose
Canada
SOUTH AFRICA
SHAKES were broadly lower,
with golds down 35 at 1,244,
industrials losing 23 to 4,340
and the overall index 21 easier
at 3.565. De Beers was a bright
spot, advancing Rl.15 to R76.
Anglos lost R2 to R1Z4.75 and
Richemont 55 cents to R36.10.
ASIA PACIFIC
Foreign demand pushes
Nikkei to high for year
Tokyo
SHARE prices surged on active
buying by investors eager to
increase exposure to Japanese
stocks, and the Nikkei average
briefly rose above the 20,000
level before losing some of the
gain on profit-taking, writes
Emiko Termono in Tokyo.
The Nikkei closed 342.43
ahead at a peak for the year of
19,829.23. It opened at the day's
low of 19,506.58 and surged as
high as 20,054.51 in the morn-
ing session. Profit-taking by
institutional investors later
eroded part of the rise.
Volume increased from 734m
shares to 850m. Rises led falls
by 809 to 271, with 112 issues
unchanged. 'Hie Topix index of
all first section stocks appreci-
ated 29.75 to 1,559.22, and in
London the ISE/Nikkei 50
index put on 4.10 at 1.234L95.
Traders said investors, espe-
cially UK and US pension
funds, were eager to buy
stocks on a dip. Japanese bro-
kers pointed out that the rise
was liquidity driven rather
than a rally supported by eco-
nomic fundamentals such as
corporate earnings. “We are
telling clients to ignore funda-
mentals for the moment,” said
one broker.
Nippon Telegraph and Tele-
phone led the rise, advancing
Y20JM0 to Y 1.06m in active vol-
ume. Traders said investors
remained bullish about NTT.
Companies with close links
to NTT gained ground, with
Iwasaki Electric rising Y16 to
Y586 and NitSUko Y8 to Y75&
Fqjikura, the telecom com-
pany. however, receded Y2Q to
Y1.010 on profit-taking.
Exporters, which have been
slow to respond to the recent
rally due to the higher yen,
surged on bargain hunting.
Fujitsu moved ahead Y12 to
Y662 and Sony Y420 to Y4.950.
Car manufacturers were also
firm, with Toyota Motor
adding Y110 at Y1.680.
Drug issues were also picked
up as laggards, relative to the
Nikkei index. Yamanouchi
Pharmaceutical improved Y130
to Y2.480 and Daiichi Pharma-
ceutical Y50 to Y1.670.
Dowa Mining retreated Y22
to Y645. The issue had gained
on reports that the company
had discovered a gold vein in
northern Japan.
In Osaka, the OSE average
rose 389.97 to 21.547.41 in vol-
ume of 39.2m shares.
Roundup
A FIRM trend was evident in a
number of the Pacific Basin
markets.
SINGAPORE'S Straits Times
Industrial index finished at a
fourth consecutive all-time
high, up 10.42 at 1,721.20. Solid
institutional and retail buying
activity took volume up to a
hefty 381m shares from Tues-
day's 255m.
Singapore property stocks
were in demand on local media
reports that mortgage rates
would remain soft
TAIWAN finished at a 12-
month peak in heavy trade.
The weighted index, up more
than 100 points before profit-
taking set in, ended 30.67
ahead at 5,013.28, its highest
close since 5,029.61 on March
14, 1992. Turnover amounted to
T$81^4bn.
Profit-taking in banking
issues, which have led recent
gains, deterred investors from
pushing the market up more
sharply. But most industrial
shares gained, with textiles
and electronics particularly
strong. China Steel appreciated
80 cents to T$20.10 in very
heavy business.
SEOUL saw active trade
which took the composite
index above the 700 level
shortly after the opening. Bui
profit-taking on laige-capitalis-
ation shares dragged the index
back to dose a net 2J8 higher
at 699.49.
KUALA LUMPUR closed
mixed, although Idris Hydrau-
lic resumed its surge on specu-
lative buying. The composite
index breached the 660 resis-
tance level to end 5.46 firmer at
a year's high of 66L35.
Idris, in spite of saying that
it had no material announce-
ment to make, surged 70 cents
to M$2.71 in volume of a record
214.1m shares.
MANILA continued to rise
for a third day on bargain
hunting in anticipation of a
rally. The composite Index
closed 26.75 higher at 1.556.13,
for a cumulative 4.87 per cent
advance since last Friday.
AUSTRALIA declined in dull
pre-holiday trade, brightened
only by Mr Kerry Packer's
reported raid on John Fairfax.
The All Ordinaries index lost
3.4 to 1,654.9 in turnover of
A$283.4m. Some 36m Fairfax
shares were traded at US$2.10
each after the market closed on
Tuesday. Reports that Mr
Packer was the buyer sent
Fairfax up 6 cents to A$1.98.
HONG KONG closed almost 1
per cent down, although there
were signs of support at lower
levels. The Hang Seng index
slid 59.13 to 6J281.70 in turnover
of HK$2Jbm
BOMBAY ended with the
BSE index 97.24, or 4.2 per
cent, higher at 2,408.68. Unfor-
tunately, the interest rate cuts
expected from the Reserve
Bank of India after the close
were not forthcoming; and
although the RBI changed its
credit policy, allowing borrow-
ing against shareholdings of
up to 50 per cent of their
value, against 25 per cent pre-
viously. brokers were divided
on which way the market
would move today.
FT -ACTUARIES WORLD INDICES
Eastern promise vanishes in Austria
The stock market darling of yesteryear, Vienna has lost its lustre, writes Eric Frey
. a. mu i. Atknr morirpts further
$% to $24/. in volume of lm
shares after Warburg, the secu-
rities house, raised its invest-
ment rating on the stock from
“add” to “buy”, citing the com-
pany’s bet ter- than-expec ted
first quarter results.
On the Nasdaq market.
Healthdyne rose $/* to $7 after
a unit of the company said that
it had filed for a public offering
of up to 1.75m shares with the
Securities and Exchange Com-
mission.
TORONTO was slightly weaker
at midday, pressured by losses
In gold shares, but overall
activity was directionless. The
TSE-300 index fell 5.6 to 3.593J2
in turnover of C$25 lm.
Laidlaw’s class B shares,
down C$Ya to C$10/. in more
than 590,000 shares, weighed
on the TSE's transportation
index.
When the Berlin Wall
came down in 1989
and Communism col-
lapsed all over eastern Europe,
the Vienna stock market
became the darling of the
international Investment com-
munity, outperforming the
world's major markets for
more than a year.
But now, as economic reform
has stalled in many East Euro-
pean countries and the future
of Mr Boris Yeltsin, the Rus-
sian president, is In doubt,
Austrian stocks have lost their
lustre.
The main factor holding
down the Vienna market, say
analysts, is not the political
turmoil in the East, but eco-
nomic weakness at home. The
country, which is highly
dependent on the German
economy, has recently slid into
recession; company profits
have tumbled and many indus-
tries have been hit by a string
of bankruptcies.
“Unless the economic data
begin to show that the down-
ward trend has ended and that
a recovery is setting in, I do
not see much upward potential
for the stock market,” says
Walter Schuster, first vice-pres-
ident for capital markets at
Girocredlt. But as long as Rus-
sia and eastern Europe are not
hit by a long period of political
instability, he adds, the ups
and downs in Moscow will not
have more than a fleeting
impact on Vienna shares.
Traders expect some jitters
ahead of the April 25 referen-
dum, which could keep prices
down. When Mr Yeltzin and Mr
Ruslan Rhasbulatov. his main
rival, clashed in a dramatic
power struggle last month,
Vienna stocks went into a slide
which erased most of the gains
made since the year began.
But politics has only
reinforced an economic trend
which was already pointing
downward, says Mr Franz
Amstler, a securities expert at
Bank Austria. “Yeltsin and
Khasbulatov were the trigger,
not the cause,” he adds.
Most of the blue chip shares
traded on the stock exchange
are highly cyclical, and even
the banks, which should bene?
fit from lower interest rates,
have suffered from the crisis in
industry, because of their loan
exposure and their huge equity
Austria
ATX Index
1,800
1.000 -
1.400 1’
1.200 —I -l-A—
SO 81 92 93
Source: Oataatrsam
portfolios. Bank Austria and
Creditanstalt, the two largest
banks, also own two of the
largest Industrial groups.
Construction materials,
paper and machinery stocks,
some of the largest sectors on
the stock exchange, have been
hurt by the rise of the Austrian
schilling, which is pegged to
the German D-Mark, against
many European currencies
since last autumn, and a surge
of cheap imports from eastern
Europe. “Industry is caught In
a double whammy," says Mr
Schuster of Girocredit. “It Is
losing market share abroad
because of the exchange rate,
and under pressure at home
from imports.”
Things looked much better
just over a month ago. High
interest rates, forced upon Aus-
tria and the rest of Europe by
the German Bundesbank, were
beginning to come down,
which had helped the ATX
index to climb about 20 per
cent from 712.06 to a March 3
peak of 860.17. But a combina-
tion of a technical correction,
negative economic and corpo-
rate news and political uncer-
tainty cut the rally short Yes-
terday the ATX closed at
779425, down more than 50 per
cent from its 1990 high.
Some analysts say that
prices might go through
annthpr upturn of 10 to 15 per
cent in the summer, if
short-term interest rates con-
tinue to Call. Long-term rates
are already close to their
historical lows, however, and
are unlikely, say experts,
to give the market any further
support As Vienna's average
price-earnings ratio of 28 is
quite high compared with
other markets, further equity
advances will depend on a
recovery in the corporate sec-
tor. they add.
A sustained recovery in
neighbouring Hungary, the
Czech Republic and Poland
would also help- A key weak-
ness of the market remains its
high volatility, which is exac-
erbated by its small size, low
turnover and low liquidity.
Daily turnover often surpassed
ASchlbn in 1990. when Austria
was hot among international
investors, but it has fallen as
low as SchSOOm this year.
“Very few Austrians hold
stocks, and foreign investors
are deterred by the low trading
volume, ” says Mr Christoph
Rohrmoser, an analyst for
Erste Invest-Consul t, the capi-
tal markets arm of the Erate
bank. Weak insider-trading
laws and a string of insider-
trading scandals last year has
also damaged the reputation of
the Vienna market, but their
effect might have been exag-
gerated. “The foreigners
investing in Austria are used
to worse conditions than they
find here,” Mr Rohrmoser con-
cludes.
r?£J*s
no-*
EUROPE
Milan investors begin to believe economists
WITH the exception of Milan,
which took its rally to a third
day, bourses tended to ease
yesterday on position-squaring
ahead of the Easter holiday,
reaction to company results
and a degree of disappointment
with the Bundesbank's slow
approach to interest rate cuts,
writes Our Markets Staff.
MILAN rose on a broad front
as investors began to believe a
number of economists who
have been suggesting in recent
days that the worst of the Ital-
ian recession was over, and
that the economy was poised
for an export-led recovery.
Comments by the governor
of the Bank of Italy and the
president of Italy's Banking
Association about the outlook
for lower interest rates also
helped the mood. The Comit
index rose 13.21 or 2.7 per cent
to 498.76.
Fiat and Generali were
among the strongest perform-
ers, boosted by short-covering
linked to monthly options’ con-
tracts. Generali fixed Ll.390
higher at L 35,090 and added
another Lli0 on the kerb.
Fiat rose L258 or 4.5 per cent
to fix at L5.928 before rising to
L6.030 after hours as rumours
about asset sales continued.
Speculation this week about a
possible disposal of its retail
group took the Rinascente
shares L190 or 2.2 per cent
higher to to L8.775.
FRANKFURT fell as the
Bundesbank shaved just four
basis points off its short term
repo rates. The automotive sec-
tor fell in unison as the DAX
Index dosed 25.09 lower at ,
1,650.31 in turnover down from |
DM5 .9bn to DM5.6bn.
Daimler fell DM16.70 to
DM563.80 on reports that a
major German bank had made
the shares a trading sell, bring-
ing its Mercedes unit down
DM19 to DM545; and VW lost
DM7.90 to DM308 on profit-tak-
ing after hitting a new 1993
high on Tuesday.
Mr Patrick Bettsebeider, dep-
uty equity dealing head at
Bank Julius Bar in Frankfurt,
said that the two carmakers
apart, the market was illiquid
on both the buy and the sell
side, waiting for a new direc-
tion. In his view, that will be
up, and will accelerate when
other major companies are
seen to employ the same cost
cutting and restructuring poli-
cies which have brought VW
back to popularity.
Meanwhile, AEG fell DM8.50
to DM160 after it predicted 1993
operating losses at least as
high as the DM200m of 1992.
PARIS seemed unimpressed
by its results season as the
CAC-40 index fell 11.37 to
1,983.96 In thin to moderate
trade.
The tyremaker, Michel in,
lost FFr150 to FFr165. 10 after
warning of a first-half loss if
business does not Improve.
FT-SE ’Actuaries Share Indices:
Hauls changes
FT-SE EanXrack 100~
FT-SE EafBhack 200
FT~SE EunUrxk IDO
FT-SE Enotrack 200
THE EUROPEAN SERES
opwi mao mo izao iano i4no i&oo dose
1146X5 114589 1147.01 1146.46 1143.70 114264 114194 114436
1208.8a 1209.01 1209X7 >297216 120271 120996 120689 120625
Apr 6 AprS Apr 2 Apr 1 Mar 31
1147.43 1136.15 114038 1144-81 1149.13
121005 13&24 1215.52 121946 1220.16
Bbb total I0C0 eewn K Bhttar IDO - IW7.41: 200 - 12093a UwM«r. too - 1142. IS 200 -. KOUX
Worries about Michelin spilled
over into Peugeot, which fell
FFr6 to FFr549; and Thom-
son-CSF closed FFr3 lower at
FFrlKLM after it reported a 35
per cent drop in profits for
1992, and cut Its dividend.
Pechiney International fell
another FFr3.50 francs to
FFr217 after Tuesday's
FFr10.50 decline, on further
consideration of its results for
1992 and the company’s lack of
optimism about the beverage
can market this year.
Among the day’s winners,
the Ferruzzi food unit, Eridan-
ia-Beghin Say, jumped FFr37 to
FFr737 following news late on
Tuesday of a 69 per cent jump
in 1992 net profits.
AMSTERDAM was domi-
nated by a fall in Heinekea as
the CBS Tendency index
dipped 0.5 to to 107.5 in other-
wise quiet trading.
Heineken finished FI 6.10
lower at FI 19050 after it said
that the European beer market
was coming under increasing
pressure from recession and
taxation, and warned against
short-term optimism. The
shares had risen by 29 per cent
over the last 12 months.
Unilever ended FI 2.70 lower
at at FI 206.40. taking a lead
from the re-rating of US con-
sumer goods shares after
Philip Morris’s price cuts last
Friday.
DSM, the chemicals group,
tost FI 3.00 to FI 84.20 as the
company warned that profits
might not grow this year.
The shares of the newly-
merged Bols Wessanen fin-
ished at Ft 42.60 on their first
day of trading.
ZURICH edged back after
Tuesday's record close and the
SMI index shed 1 1.1 to 2.LS4.9
in thin trading.
Nestle, down SFr35 or 2.9 per
cent at SFrl.160, was hit by
fears of increased price compe-
tition after the Philip Morris
price cuts.
JQi. M J. fe ih ^ & 1 52 .J. J± C,
A reflection of our
continuing optimism.
*■* -
A new structure of industrial
sector classifications for the
FT-Actuaries World Indices
has been published in draft
form by the committee which
supervises the indices. An
outline of the new structure
is published, in this issue.
Details, page 20.
I; ” ' ■ '■S-
p mmMdm
Jointly compiled by The Financial Times Limited, Goldman, Sachs & Co. and NatWest Securities Limited
in conjunction with the Institute of Actuaries and the Faculty of Actuaries
NATIONAL AND
REGIONAL MARKETS
TUESDAY APRIL fl 1993
MONDAY APRIL 5 1993
DOLLAR INDEX
figures In parentheses
show number of Hoes
of stock
US De/s Pond Local Local Gross US Pound Local Yw
tetar Change Storing Yen 0M Curency K dig On. Do tar Storing Yen DM Currency 1993 1993 m
Wax K Wax Max Wee Wax on day YMd Into Wax Into Wex Index Hah Low (appro)
Australia 08) 136J6
Austria (1B}._ 142.34
Belgium (42). 152.96
-0.8 133.53 .98.18 11<L32 128.88 -08 083 137.18 133.72 9847 113.80 129^3 141.00 117.39
+0.1 139.38 102.48 119.33 11931
1-85 14021 138.62 102.07 117.96 117.98 15006 131.16
-On 149.78 110.12 128J23 125.23 +0.8 4.69 153.41 149.54 IIOII 127.25 124.47 153.71 131.19
Canada fl 10) 122.72 -Ol 12018 88A5 102J8 111.93
Denmark (33). 206.61
Finland (23) 80.71
-0.7 202^3 148.78 173.21 174.16
+1.2 79.04 58.11 67.68 99.09
2.97 122.79 119.69 88.13 101.84 11235 125.97 111.41
1.32 208.14 202-89 149.40 172.65 173.61 21028 185.11
1.20 79.74 77.72 57.23 6014 97.22 60.71 6050
162-88 -Ol 159-51 117.27 138.54 139.44 +0.7 3.19 153.06 158.94 117.03 13024 136.44 16009 142.72
Germany (62L 113.89 -0.7 111.52 82.01 95.47 8047
Hong Kpng (55) 253.75 -1.0 248.49 182.69 212.74 251.85
l«*»d(15L 15736 +0.2 154.09 113.29 131.92 146.84
Italy (73). 57.07 + 1.7 55.89 41.09 47.84 68.00
Japan (470) 134.18 -SL0 131.40 96.61 11050 96.61
222 114.74 111.85 82.37 gs.18 95.18 115.03 101.58
3.67 25625 249.78 183.93 212 SI 254.31 262,08 218.02
060 157.03 153.08 112.71 130.26 14033 161.39 129.28
2-96 56.14 54.72 40.29 4050 86.51 64.28 S3.78
0.80 130.89 133.44 9028 113.57 9826 136.89 100.75
Malaysia (B8). 291.16 +0.7 285.12 209.62 244.08 289.36 +04 232 289.04 281.74 207.40 239.75 28830 291.10 251.00
Mexico (18) 1025.48 +H2 1591.76 1170.32 1392-70 5438.94
Nethertand f24). 169.32 -0.3 165.81 121.91 141.95 140.11
New Zealand (13) 45.80 -02 44.85 32.98 38.40 45.68
+0.1 109 1623.00 1582.02 1164.94 134028 5489.44 1725.81 141 D. 30
+08 4.04 169.78 165.47 121.85 140.82 13836 16955 15039
-Ol 4.79 45J1 44,75 32.95 38-08 45.74 47.03 40.56
Norway (22). 155.11 +0.5 151*9 111.00 13003 144.74 +1.7 1.82 154.35 15045 11079 128.04 142^36 15066 137J1
Singapore (38). 230.83 +0.7 225.85 168.05 19034 172^1
South Africa (60)_ 178.48 +02 174.78 12050 149.62 177.11
Spain (45). 128.50 -15 125.89 92.56 107.78 112.49
Sweden (36)
-1.1 158.13 116.28 135.38 182.46 -02
$urftzarlaKf<5Q. 118.46 -02 116.01 85.30 99.32 10036
+0.7 1-94 239.12 22033 184.46 190.05 17138 230.63 207.04
+U0 2.84 178.09 173.59 127.82 147.72 177.11 178.48 144.72
-0-2 539 13046 127.16 9304 10831 112.72 131.62 115.23
-02 1-85 163.24 159.12 117.17 135.41 182-81 188^0 149.70
+06 1.99 118.70 115.71 85J21 98.48 108.73 118.71 106.91
U^Ktodon. (Z1S).. 17019 -07 16900 124.08 145.18 189.60 -02 4.07 174.38 16908 125.15 144^64 169.98 17M7 162.00
USA (51% — 180.03 -03 17029 129.02 15093 180.03
2.82 180.56 178.00 12S.60 149.78 18056 18027 175.38
7Tw World index (2186). — 152.84 -0.8 149.67 110.05 128.14 136.22
2.40 154.12 16023 110.83 127.85 137.01 154.12 137.32
Copyright. The Rnancfai Times Limited. Goldman. Sachs & Ca and NatWest Securities Limited- 1987
Canatitaunt changes wtth effect 8/4/93; Addition: Bda Wessanen. Deletion: Wessanen (both Netherlands). Latest prices were unaualabte tor this adltkn
South African maricet dosed Apr* 6.
it, ■.«/. • ..... g
From January 2nd, 1993,
one of the most imposing buildings
on the Hong Kong skyline is now
called Peregrine Tower.
■■SiU&gSM
As a leading Asian merchant bank.
l ' -
Peregrine has been a major part
of the financial landscape.
Now we’re part of the
physical landscape as well.
Financial Services:
Corporate Finance, Stock Broking. Direct Investment, Asset Trading,
FOREX, Commodity Dealing, Investment Management
HONG KONG - SHANGHAI « SNCAPORE . PHIUPPINKS ■ THAILAND ♦ INDONESIA • MALAYSIA - KOREA . VIETNAM • AUSTSAUA • LONHOM . ^
Loodao: 23A4 Low lam. London EC3RBEB.UK TbL (071) 283 4888 Fax: (071) 2S3 07W
tea mterfDiiVA.
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